Fannie Mae Offers New Type of Mortgage:...

Fannie Mae Offers New Type of Mortgage: The federally chartered secondary mortgage market company is offering a new kind of low-down-payment mortgage as part of a larger effort to provide more housing to people of low and moderate income. The loans, called 3-2 Option mortgages, will allow borrowers to use their own funds to put down 3% of a home’s purchase price coupled with a gift amounting to 2% of the price from a family member or a grant from a nonprofit organization or state or local government. It’s aimed at renters with jobs who make enough money to meet monthly mortgage payments but haven’t been able to save a traditional down payment of 10% or 20%.