The pilot program is called "Affordable Advantage," and it has now been adopted by four states as of Sept. 10, 2010. These are Idaho, Massachusetts, Minnesota and Wisconsin. Other states, such as California, Colorado and Pennsylvania have similar state programs. The deal includes a program to help homebuyers if they become unemployed, lowered fees and there is no requirement that the homebuyer purchase mortgage insurance.
To qualify:
* First time homebuyer
* Credit score above 680
* 30-year fixed rate mortgages only.
* $1,000 down payment. Buyers put in $1,000 and must live in the home.
With a possible $1,000 state housing grant, you pay nothing down!
For more information, see
How To Get a No Money Down Home Loan - Affordable Advantage ProgramRelated Stories
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