A new program being offered by the Federal Home Loan Mortgage Corp. enables first-time buyers to obtain a conventional home loan with a tiny down payment.

In a notice Thursday, McLean-Virginia-based Freddie Mac revealed a new 3 percent down payment option for qualified first-time homebuyers.

Dubbed HomeOne, the new program doesn’t have any geographic or income restrictions. In fact, it complements the low-income Home Possible program.

Source: Mortgage Daily