End of the 20 percent down payment?

Wealthy borrowers no longer need large down payments to get a mortgage.

More lenders are approving borrowers who put less than 20 percent down for million-dollar home purchases, suggesting banks are feeling sanguine about the luxury market.

Last month, Bank of America lowered its minimum down-payment requirement to 15 percent, down from 20 percent, for loans of up to $1 million. Wells Fargo cut down-payment requirements by the same amount to a minimum of 15 percent in July for private jumbo mortgages, which start above $417,000 in most parts of the country and exceed $625,500 in pricier housing markets, such as New York and San Francisco.

By AnnaMaria Andriotis, The Wall Street Journal