Fannie Mae has committed to buying $100 million of low- down-payment mortgage loans originated by Chase Manhattan Mortgage in Chicago, Los Angeles, Miami, and the Philadelphia area.

The purchases are part of a program that lets borrowers put as little as 1% of their own funds toward the down payment.

The National Association of Real Estate Brokers will also participate. Its member brokers will introduce the mortgage products to minorities in these communities. About 1,500 homebuyers are expected to qualify. CMAC Investment Corp., PMI Group, and United Guaranty Corp. will insure the loans.

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