Thousands line up for zero-down-payment, subprime mortgages

So far more than 10,000 potential borrowers have shown up to get these mortgages at various events in cities like Charlotte, North Carolina, and Atlanta,and more are planned.

  • Borrowers can have low credit scores, but have to go through an education session about the program and submit all necessary documents, from income statements to phone bills.
  • They must go through counseling to understand their monthly budget and ensure they can afford the mortgage payment.
  • The loans are 15- or 30-year fixed with interest rates below market, about 4.5 percent.

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