freddie mac & fannie mae logos

*(Via Newsy) – If you’ve got good credit but are low on cash, you’ll soon have more options when it comes to buying a home.

That’s thanks to new terms from lending giants Fannie Mae and Freddie Mac — which announced plans on Monday to back mortgages with as little as a 3 percent down payment.

According to officials with the companies, the move is designed to help those with lower income but good credit to afford homes.

Quoted by the Los Angeles Times, Fannie Mae’s executive VP for single family underwriting, pricing and capital markets said, “We are confident that these loans can be good business for lenders, safe and sound for Fannie Mae and an affordable, responsible option for qualified borrowers.’

But before the new programs have even rolled out, they’re coming under criticism.

“Three percent down payments for mortgages. That seems really incredible given how high lending standards have been since the housing bubble. What happened to ‘Now you have to put in 25 to 30 percent’?” said a Fox Business anchor.

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