Some Americans will soon be able to buy a house with a down payment of only 3 percent, compared with the current minimum of 5 percent.
There are new guidelines set in place to help more low income families be able to afford to buy a home.
The guidelines are designed to prevent the kind of reckless lending that fueled a housing bubble and eventually led to the recession.
New loans would be fixed-rate mortgages of up to 30 years for primary residences, though some policies vary between the companies.
These mortgages could start as early as March 2015.
