Mortgage giant expands 3-percent down loans

Fannie Mae recently announced that it would expand its HomeReady program, which includes 3-percent downpayment loans. It is extending the 3-percent down mortgage to eligible refinancers who have loans already owned by Fannie Mae. Fannie Mae’s previous maximum allowable loan-to-value ratio for refinancers was 95 percent. Now, it will be up to 97 percent under the new guidelines. Click here to learn more.