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Government-sponsored enterprises Fannie Mae and Freddie Mac have set terms allowing creditworthy borrowers to put as little as 3 percent down on a new mortgage.

Starting Dec. 13, Fannie Mae will allow the lower down payments for qualified first-time homebuyers and permit those refinancing to reduce equity to 3 percent to cover the closing costs, according to Bloomberg.

Freddie Mac will begin to implement the new program in March and will focus on low- to moderate-income first-time borrowers who get housing counseling.

"The new lending guidelines released today by Fannie Mae and Freddie Mac will enable creditworthy borrowers who can afford a mortgage, but lack the resources to pay a substantial down payment plus closing costs, to get a mortgage with 3 percent down," said Federal Housing Finance Agency Director Mel Watt in a statement Monday. "These underwriting guidelines provide a responsible approach to improving access to credit while ensuring safe and sound lending practices."

Both Fannie Mae and Freddie Mac currently allow down payments as low as 5 percent. The government-sponsored enterprises are an important liquidity source for credit union mortgages.