Most lenders require private mortgage insurance (PMI) when you can't afford a sufficient down payment -- a nonrefundable monthly payment on your part that guarantees they'll be "made whole" if you default on your loan. To add insult to injury, zero-down loans are typically granted at two separate interest rates: market rate for 80 percent of the amount, and a much higher rate for the 20 percent that would have been the down payment. The ACORN Housing Corporation (AHC) is a HUD-certified... More »
