Fannie Mae's Community Home Buyers Program allows first-time buyers with little cash to obtain 95 percent financing. Participants may put down as little as 3 percent of their own money, with the remainder permitted in the form of a gift from family members, a government program or nonprofit agency.

Mortgage insurance is required on all loans above 80 percent loan-to-value ratio when borrowers do not use their own funds for at least 5 percent down.

The program is administered through participating lenders. There are income limits in different states. However, the income restriction is waived when borrowers participate in the Fannie Neighbors program.

Fannie Neighbors also has lower income requirements for borrowers who want to buy in designated central cities.