Game Changer 3 percent down payment mortgage making a come back

Fannie Mae and Freddie announced they  will start backing mortgages with down payments  as little as 3%  of the home price, Wow.   This could be a game changer.

   You will need to have a credit score of at least 620 and offer complete documentation of there income, assets and job status.They will also have to buy private mortgage insurance.

   Borrowers will also have to receive home ownership counseling.