Fannie, Freddie Cut Down Payments for Some Homebuyers to 3%

``Fannie Mae and Freddie Mac have set terms for letting borrowers put down as little as 3 percent of a home's cost to get mortgages, a step criticized by Republican lawmakers as a return to risky lending. Starting on Dec. 13, Fannie Mae will allow the lower down payments for first-time homebuyers and permit refinancing borrowers to reduce equity to 3 percent to cover closing costs, the company said today in a statement. Freddie Mac will begin a more limited program in March giving breaks to lower-income buyers and first-time borrowers who get housing counseling.''