SALT LAKE CITY - CTX Mortgage Co. of Dallas is making low-down-payment affordable-housing mortgages available to Utah residents as part of a $5 billion partnership with Fannie Mae.

The Platinum Plus loan, which Fannie will buy, requires a 3% down payment, two-thirds of which must come from a borrower's funds. The other third can come from a gift, grant, or an unsecured or secured loan from a nonprofit organization, government agency, or employer. The loan also features generous debt-to-income qualifying ratios, CTX said.

Fannie and CTX, a unit of Centex Corp. of Dallas, announced their affordable-housing partnership in Dallas on Aug. 28. The companies say they hope to reach thousands of underserved borrowers, including minority, new immigrant, and low-income homebuyers. They will also provide outreach and education to consumers in Utah.

Fannie will also offer Timely Payment Rewards, which lets borrowers with subprime credit histories get a mortgage rate up to 2% lower than they would typically pay. If borrowers make their payments on time for two years, Fannie automatically reduces the rate by another percentage point.

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