Freddie Mac on Wednesday unveiled its version of a program to enable low-income borrowers to buy a home without down payments from their own pockets.

Freddie Mac's Alt 97 program, announced at the Mortgage Bankers Association's National Secondary Market Conference, requires a 3% down payment that can come from a gift or unsecured loan. Fannie Mae, which introduced a similar program a week ago, said it has gotten 7,000 calls from lenders and consumers interested in participating.

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