This is strange. I have never heard of this. I was approved for a 100% loan a few months ago (before changing my mind) and they required none of this. Did your bank say this is for all types of loans?

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1994 C 280 117.5k, White (Good as new)
1997 Toyota Camry 149k Miles (Not so pretty anymore)

1990 190e 2.6 95k (Sold-Should not have)
1981 240d Stick ??? Miles...sold