Most mortgages require 20% down not 3%!
I understand but I know many persons, usually lower income, first-time homebuyers, groups that the party in power want to target and seduce, that get if for much less, either by the govt making up the difference or waiving the requirement somehow. One of my kids bought a foreclosure with 3% down and at 50% off its previous appraised value, following the crash of 2008 and subsequent incentives to revive homebuying.