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Fannie Mae's 'Affordable Advantage' Program Offers Mortgages For Only $1,000 Down

First Posted: 08/05/10 03:48 PM ET Updated: 05/25/11 06:15 PM ET

Foreclosure

The Washington Independent:

The pilot program is called "Affordable Advantage," and it has now been adopted by three states -- Massachusetts, Wisconsin and Idaho. (Other states, such as Pennsylvania, California and Colorado, have similar state programs.) The initiative is small, reaching just a few hundred people so far. But it is looking to expand. Given the dangers of these types of mortgages and the specter of the housing bubble, where unconventional loans wreaked disaster, it is also raising questions from wary housing experts and legislators.

Read the whole story: The Washington Independent

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Filed by Ryan McCarthy  |