Fannie Mae's HomePath loan program

Fannie Mae's HomePath program is an ongoing program and offers more incentives than Freddie Mac's.

Through participating lenders, Fannie will offer mortgages to buyers who make a down payment of 3 percent.

The buyers do not have to secure private mortgage insurance, a common practice with nearly all lenders.

Home buyers also can negotiate for Fannie Mae to offer closing-cost assistance. Unlike Freddie Mac's program, Fannie's assistance level is not capped. Under the HomePath program, the average participating homeowner has received payments equivalent to 3.75 percent of the loan's value.