$1,000 Down Payment, Courtesy of the U.S. Government

"It looks, smells and feels like the bad old days when people could buy homes with no income, no job and no money down. Indeed it is (sort of) like the old days, at least in Massachusetts, Wisconsin and Idaho. The big difference? This time it's not sleazy subprime lenders offering mortgages for just $1,000 down and no mortgage insurance -- it's the National Council of State Housing Agencies, partnering with Fannie Mae on an experimental program. "