April 15, 2024 10:19 pm
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First-time home buyers can get a mortgage with 3 percent down

First-time home buyers

By Dina ElBoghdady | Washington Post

First-time home buyersWASHINGTON — Some first-time home buyers will get a break on their downpayments through programs announced Monday by mortgage giants Fannie Mae and Freddie Mac as the firms try to jump-start the housing market by making it easier for borrowers to qualify for a mortgage.

Fannie and Freddie soon will allow for mortgages with a downpayment as low as 3 percent — instead of the 5 percent currently required — as long as one of the borrowers on the mortgage has not owned a primary residence within the past three years. The changes take effect Dec. 13 at Fannie, and March 23 at Freddie.

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