A new low down-payment option for first-time home buyers

Source: Michele Lerner, Washington Post (Paid Registration)

Buyers looking for a low down-payment loan often turn to FHA loans, which require a down payment of 3.5 percent, or a Fannie Mae HomeReady mortgage, which requires a down payment of 3 percent. Now Freddie Mac has announced its HomeOne mortgage, which also has a minimum down-payment requirement of 3 percent, which will be available beginning July 29.

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