United Wholesale Mortgage, one of the country’s largest conventional wholesale mortgage lenders, announced earlier this week that it is ready to participate in Fannie Mae’s HomeReady program, which allows borrowers to obtain a mortgage with as little as 3% down.

Fannie Mae announced the HomeReady program in August 2015. The HomeReady program replaced MyCommunityMortgage, Fannie’s previous affordable lending product.

At the end of 2014, Fannie expanded its MyCommunityMortgage product to include an option for qualified first-time homebuyers that would allow for a down payment as low as 3%.

At the time, the 3% down payment option was only allowed if at least one co-borrower was a first-time buyer. However, in the HomeReady program, first-time and repeat homebuyers can purchase a home using HomeReady with a down payment of as little as 3%.

The HomeReady program officially launched on Dec. 12, and United Wholesale said that it is one of the first lenders to offer the program.

“We are continually looking for new products and services to maximize our broker partners’ business,” said Mat Ishbia, president and CEO of UWM. “HomeReady really gives our brokers the ability to provide the lowest mortgage payment for their borrowers.”

According to United Wholesale, HomeReady is a conventional loan program that allows down payments as low as 3%, and with no Fannie Mae price adjustments for loan-to-value ratios over 80% with FICO scores above 680.

“This innovative lending option will help qualified borrowers with lower and moderate incomes obtain a mortgage that is more affordable and sustainable,” United Wholesale said in a release.

“The HomeReady mortgage allows us to offer an unbeatable competitive advantage for buyers with a low down payment and decent credit scores,” said Anthony Bird, owner of Riverbank Finance, a partner of UWM. “Combining this program with lender paid mortgage insurance blows away the competition with lower payments and lower costs.”