Are "no money down" mortgages worth the risk?

  • Andrey Armyagov/iStockphoto

    By Nicholas Pell/MainStreet.com

    No money down mortgages? Do those still exist? In the wake of the financial crisis of 2008 and the collapse of the housing bubble, a lot of people think that the no money down mortgage has gone the way of the dinosaur.

    However, while these types of products are rarer than they were throughout the last decade, they can still be found. The no money down or 100 percent mortgage is a double-edged sword: On the one hand, it can allow people in expensive markets to get their foot in the door. On the other hand, they often come with very high fees and interest rates. So how can you know if a no money down mortgage is right for you and your family?