Fannie Mae, PMI Mortgage Insurance, and First Mutual Bank here have launched a lending program that qualifies low- and moderate-income homeowners to obtain loans for up to 102% of their homes' value.

The pilot program, which is expected to reach $15 million, combines a commitment by Fannie Mae to buy mortgages that will be originated by First Mutual Bank and a $400,000 fund from the city of Bellevue that qualified borrowers can use to finance their down payments or closing costs.

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