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Zero Money Down is a great program, Really!
Zero Money Down Loans are a good program --- Really! 
 
I recently read an article by CBS Money Watch that was talking about a developer in Florida who is offering homes for as little as $1.00 down payment. I thought, duh. I do that every day with Rural Development loans except it's $0.00 down payment!So I figured this article would be saying what an awesome program it is for a homeowner, right?! I mean you can't even get a sweet tea at McDonald's for $1.00 with tax! 

 
 So as I continued to read this article I realized that the gentleman writing it not only called FHA the Federal Housing   Authority (it's the Federal Housing ADMINISTRATION) but he went on and on about what a terrible idea this program is. He explained that by letting people pair an FHA loan with another form of down payment assistance (resulting in no money down) then a homeowner will have more reason to walk away from their home.
This is absolutely untrue. In reality the default rate is HIGHER for borrowers who put down 3.5% vs those who put down nothing. 
 
Here are the numbers for 2009 - 
FHA (3.5% down) ... more

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