The Fannie Mae Foundation is a low-down payment program designed to assist people in the United States qualify for a mortgage. There are two recent additions to the programs offered to lend a hand in surmounting the two largest obstacles to home ownership. They are modest income and low savings. The Fannie Mae Start-up Mortgage will help first time home buyers at any income level with a 5 percent down payment. Applicants do not need much closing cash or a great deal of income to qualify. Borrowers will get a 30-year, fixed-mortgage loan with a lower monthly payment for the first year. The Fannie Mae 97 program allows first time buyers to get funds for a down payment. Ninety-seven percent of the financing on a fixed-rate mortgage with a 25 or 30 year loan is provided. The Fannie Mae program is an excellent way for first time buyers to secure a mortgage loan.