*UPDATE: Fannie Mae has discontinued HomePath Financing.
Original article: With a ton of home mortgage programs available to home buyers, it's important to know which ones to avoid, and which mortgages are good. For instance, "stated income stated asset" mortgages are one of the programs blamed for much of the mortgage mess the U.S. is dealing with right now. On the flip side, Rural Development loans backed by the USDA offer 100-percent financing (no down payment) and have a lower default rate than loan programs which require a 3-percent down payment. So an RD loan can be a great loan for first time home buyers.
