Coming Soon: 3-Percent-Down Mortgages
In a few days – Dec. 13, to be exact – first-time buyers can get a mortgage with just 3 percent down from lenders, and guaranteed by Fannie Mae, The Washington Post reports.
Freddie Mac will offer a similar option on March 23. In an effort to bring more first-time buyers into the market, the low down payment mortgages are aimed at borrowers who have not owned a primary residence within the past three years.