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[NEWS] Freddie & Fannie to Offer Mortgages Requiring Only 3% Down Payment

Smaller down payment could be that you can now afford the home of your dreams.CNN Money recently reported that the "3% down payment mortgage" is making a comeback!
"In an effort to open up lending to more low-income and first time home buyers, Fannie Mae and Freddie Mac announced Monday that they will start backing mortgages with down payments of as little as 3% of the home's price."(Source CNNMoney)
Before you get too excited - it's important to realize that borrowers will need to meet strict guidelines to qualify.


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