0 Down Loans

While it seems that we have all heard about the subprime mortgage disaster there are still reputable programs available to help acquire a mortgage and become a home owner for little money up front.

Fannie Mae has a pilot program called ‘Affordable Advantage’. This program is available in 3 states (Massachusetts, Wisconsin, & Idaho) to a limited number of borrowers, and can help you to purchase a home for as little as $1,000 down. The criteria include:

• First time home buyer
• 30 year fixed rate mortgage
• Documentable employment history
• Good credit (scores of 680 – 720)
• Participated or undergone credit/housing counseling

There is a fair amount of controversy and concern with this program. One of the biggest concerns is that in a time of declining home values, it is quite possible that the new home owner could immediately be ‘underwater’ when putting such a small amount of equity into the initial purchase of a home.

The important thing to note is there are options out there. Mortgages and home ownership are complex and significant matters. Fortunately, we have an amazing staff of loan officers at Advanced Mortgage Services who can guide you through your options and educate you to the proper choice.

Advanced Mortgage Services is conveniently located on the South Shore in Braintree, Norwell, & Plymouth.

For additional information on services offered by Advanced Mortgage Services please call 781-659-6555, 508-747-9520, 888-665-6345, or visit www.ams-loan.com. A Fair Housing and Equal Opportunity Lender, Advanced Mortgage Services is a fully insured and licensed Massachusetts Mortgage Lender and Mortgage Broker (license #MC3702.)