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Is a ZERO PERCENT 15-Year loan possible? YES!
I've read a few articles recently about a new 15 year loan offered on a limited basis by the Neighborhood Assistance Corporation of America (NACA).  It is designed for low to moderate income buyers and it's purpose is to offer an alternative to the traditional or FHA 30-year fixed loan.
Traditional loans with 30 year terms can offer affordable payments, however it takes a long time to build any equity, as the majority of the early payments go to interest instead of principal. According to Economist Edward Pinto, "So in effect you're mostly just paying rent to the bank, while the bank really owns the house." (Click on the quote to read the NPR article.)
The new 15-year wealth-builder is only offered on a very limited basis and the price of the home must be uner $400,000 in higher priced areas, and $200,000 in lower priced areas.
However it works like this:
1. Low to moderate income restrictions
2. No down payment required, No closing costs, No points or fees (how they do this is beyond me! But here is the NACA article detailing it.)
3. No minimum credit rating required
4. Rate is 3/4 point BELOW FHA 30 year fixed. The buyer ... more

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