Yes. Fannie Mae and Freddie Mac, regulated by the Federal Housing Finance Agency (FHFA) allows 3% down payment on purchase on Conventional Loans for first time home buyers. Fannie Mae and Freddie Mac defines first time home buyers as buyers who did not have ownership in any properties in past 3 years.
Gustan Cho NMLS 873293
The Gustan Cho Team at USA MORTGAGE
A Division of DAS ACQUISITION COMPANY NMLS 227262