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Is a little common sense too much to ask from the do-gooder set?
With foreclosure rates spiraling out of control, it would seem an odd time for the federal government and various state housing authorities to be promoting zero-down mortgages.
But that’s apparently what state officials in Massachusetts, Wisconsin and Idaho are doing right now as they team up with troubled federal mortgage giant Fannie Mae to offer so-called “Affordable Advantage” mortgages.
The new initiative lets qualified, lower-income buyers with good credit get a mortgage without even having to meet the already low, 3.5 percent down required on most federally-backed mortgage loans.
Read more from Boston.com
