In 1994 Fannie Mae unveiled a mortgage product, "Fannie Mae 97", that required only a three percent down payment, one month mortgage reserve, and standard underwriting ratios of 28% / 38%. This program is one of the most popular program for low and moderate income home buyers and is available through a variety of mortgage lenders. The program provides for higher qualifying ratios, a five percent down payment with at least three percent from the purchaser. This program also allows flexibility regarding non-traditional credit histories. Debt to income ratios of 33% / 38% are permitted and even higher ratios in certain circumstances. Homebuyer education is required for participation.

Lenders often refer to the Fannie 97 Program and the Affordable Gold Program as the "3/2 Program" which refers to the requirement at least three percent of the down payment come from the buyer and two percent can come from other sources.

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