TD Bank launches new mortgage product designed for minority communities

“The current housing market is highly competitive, which makes it extremely difficult for potential buyers, especially people of color, to compete if they have limited financial resources for a down payment or closing costs,” said Michael Innis-Thompson, Head of Community Lending and Development at TD Bank. “This mortgage offer is designed to ease that burden, provide more fairness in the home loan process, and make the dream of homeownership more achievable for Black and Hispanic families.”

The product launch is particularly relevant as a recent TD survey found that 46% of respondents see saving for a down payment as a barrier to buying their first home, including 44% and 45% of buyers blacks and Hispanics, respectively.

The TD Home Access Mortgage is available in multiple communities across TD’s retail footprint, which spans from Maine for Florida. Eligible borrowers must meet credit and income criteria and reside in one of the participating markets, but are not required to be first-time homebuyers. Borrowers can use the product for purchase and refinance transactions, and for a variety of property types, including single-family residences, condos, and owner-occupied multi-family units. The TD Home Access Mortgage is the latest offering the Bank has launched to accelerate affordable home loans and increase inclusivity across its consumer product line, including:

  • Enhance TD Bank’s Right Step mortgage product by expanding FICO score requirements, DTI qualifications and Loan to Value
  • Reduction of the entry deposit by secure card of $500 for $300
  • Reduced minimum home equity loan from $25,000 for $10,000
  • Launch of TD Essential Banking, a low-cost deposit account with no overdraft fees
  • Launch of FNMA Refi NOW, which offers greater DTI flexibility

“The TD Home Access Mortgage is very much in line with the Bank’s ongoing commitment to continually expand our product line to meet the needs of communities within our footprint,” said Innis-Thompson. “This product addresses the need to reduce the barriers that so often slow homeownership in Black and Hispanic communities. And it also demonstrates our commitment to extending our culture of care and inclusion to the design of our products, finding meaningful and sustainable ways to support our customers.”

About TD Bank, America’s Most Convenient Bank®

TD Bank, America’s Most Convenient Bank, is one of the 10 largest banks in the United States, providing more than 9.5 million customers with a full range of personal, small business and corporate banking products and services. businesses in more than 1,220 convenient locations throughout the Northeast, Mid-Atlantic, Metro DC, the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer personalized private banking and wealth management services through TD Wealth Management.®, and vehicle financing and dealer business services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, New Jersey To learn more, visit Find TD Bank on Facebook at and on Twitter at and

TD Bank, America’s Most Convenient Bank, is a member of the TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canadaone of the top 10 financial services companies in North America. The Toronto-Dominion Bank trades on the new York and Toronto exchanges under the symbol “TD”. To learn more, visit

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