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Helping “Qualified” Buyers: Fannie, Freddie Detail 3%-Down Payment Mortgage Program

by Mike “Mish” Shedlock
MISH’S Global Economic Trend Analysis

Now that home prices have recovered and homes are not the bargain they were four years ago, it is fitting the parasites once again want to make homes “affordable” to the masses with low-down payment options.

Please consider Fannie Mae, Freddie Mac detail plans for 3% down-payment mortgages.

Housing finance giants Fannie Mae and Freddie Mac on Monday detailed plans to once again back mortgages with down payments as low as 3%, saying the move to make home ownership more accessible contains safeguards to protect against abuses that led to the subprime housing market crash.

“Our goal is to help additional qualified borrowers gain access to mortgages,” said Andrew Bon Salle, executive vice president for single family underwriting, pricing and capital markets at Fannie Mae.

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