Kathianne
08-06-2010, 07:48 AM
Yes, still going for those 'affordable mortgages' with $1k down.
http://washingtonindependent.com/93795/the-return-of-the-1000-down-mortgage
The Return of the $1,000 Down Mortgage
Fannie Mae and State Housing Agencies Are Offering Little-Money-Down Mortgages. But Why?
By ANNIE LOWREY 8/5/10 6:00 AM
In Wisconsin and other states, home buyers might be eligible for 100 percent financing on mortgages. (Creative Commons.)
“Buy new with $1,000 down,” the advertisement says, the words resting atop a trim green clapboard house offset by a bright blue sky. “The time has come. Stop wasting rent check after rent check and start building equity in your own home. And with only $1,000 down, affordable monthly payments and no private mortgage insurance required, the dream is closer than you think.”
Share It sounds too good to be true. But it is true. This offer does not come from a subprime lender, looking to reel in thousands of unqualified and ill-advised homebuyers, only to slap them with add-ons, fees and variable rates. It is not a teaser or a trick. The advertisement references a program initiated by the National Council of State Housing Agencies and Fannie Mae, the taxpayer-backed, government-sponsored enterprise that buys up mortgages from lending banks...
http://washingtonindependent.com/93795/the-return-of-the-1000-down-mortgage
The Return of the $1,000 Down Mortgage
Fannie Mae and State Housing Agencies Are Offering Little-Money-Down Mortgages. But Why?
By ANNIE LOWREY 8/5/10 6:00 AM
In Wisconsin and other states, home buyers might be eligible for 100 percent financing on mortgages. (Creative Commons.)
“Buy new with $1,000 down,” the advertisement says, the words resting atop a trim green clapboard house offset by a bright blue sky. “The time has come. Stop wasting rent check after rent check and start building equity in your own home. And with only $1,000 down, affordable monthly payments and no private mortgage insurance required, the dream is closer than you think.”
Share It sounds too good to be true. But it is true. This offer does not come from a subprime lender, looking to reel in thousands of unqualified and ill-advised homebuyers, only to slap them with add-ons, fees and variable rates. It is not a teaser or a trick. The advertisement references a program initiated by the National Council of State Housing Agencies and Fannie Mae, the taxpayer-backed, government-sponsored enterprise that buys up mortgages from lending banks...