Many experts and industry insiders expect this spring’s selling season to be an improvement over last year’s. Historically low mortgage rates and improvement in the job market are among the top reasons for the increased optimism. But, according to Freddie Mac’s Dave Lowman, executive vice president of single-family business, there is another reason to expect prospective home buyers to be more active this spring. Freddie Mac’s new Home Possible Advantage program begins on March 23 and provides creditworthy buyers with the opportunity to buy a home with as little as 3 percent down. The lower down payment requirement is one of a number of opportunities that allow first-time buyers and working families, who may have trouble coming up with the necessary savings, to be able to afford a down payment and become homeowners. Typically, saving for the down payment is the biggest obstacle for these buyers. Though they may be otherwise qualified, coming up with a sufficient down payment has kept some potential home buyers on the sidelines. This, and similar down payment assistance programs, are aimed at boosting the number of buyers active in the market, especially those that have been underrepresented in the housing recovery thus far. More here.