Fannie Mae wasted no time in implementing new offerings for low-down-payment loans for first-time homebuyers, saying it would begin accepting applications immediately for borrowers with FICO credit scores as low as 620 as well as offering limited cash-out refinances.
Read more about this product at the Fannie Mae site in this information sheet…
https://www.fanniemae.com/content/faq/97-ltv-options-faqs.pdf