Fannie Mae, Freddie Mac and their regulator provided details on
Monday for a low down-payment mortgage program, which could open
home ownership to thousands of cash-strapped borrowers.
The mortgage-finance companies and the Federal Housing Finance
Agency said borrowers could be able to get mortgages with down
payments as little as 3%, but noted that the loans will be
available only to first-time buyers, buyers who haven't owned a
home for at least a few years and those with lower incomes.
Many of the loans will also require borrowers to undergo
home-buyer counseling before making a purchase.
Write to Joe Light at joe.light@wsj.com
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