Fannie Mae offers new mortgage 3% Down

A new opportunity for home ownership is available to credit-worthy low- to moderate-income borrowers through Fannie Mae’s new HomeReadymortgage program.

The financing, available for purchase loans and refinancing, loosens some requirements that have kept consumers out of the housing market or limited their option to refinance. The loans are available with a down payment of 3 percent or 5 percent and have reduced private mortgage insurance costs. Gift funds are allowed for the down payment, and lenders and sellers are allowed to help with closing costs.

By Michele Lerner | January 6, 2016 | The Washington Post