Down payment assistance programs like The American Dream Down Payment Assistance are all but outlawed for use with any government insured loan programs.

It’s about damn time!

I can hear you now, “What’s wrong with charities helping home buyers by giving down payment assistance?”

In a word, it’s a scam…that’s why!

The Mortgage Scam Checklist is 37 tip-offs you’re being lied to, scammed, or conned. Each tactic or statement is a mortgage scam designed to separate you from your money.

I’ve often been asked the question, “How can I tell a mortgage scam when I hear one?”

The 100% mortgage programs are really popular right now. The 100% mortgage is a loan program which requires no down payment. Therefore, trouble may be brewing.

Now on the surface a 100% mortgage this seems like a great idea. Since most surveys show the number one reason for not buying a home is no down payment, a 100% mortgage allows thousands the opportunity to be home owners. That is the pro for these no down payment loans. Now for the cons.

I was recently on the dumb little man blog which gives good money saving tips. I came across a post on 10 questions to ask an agent before listing your home with them. I have no great bone to pick with the 10 items (they were all sound interview questions), but I do with what was missing.