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Fannie Mae, one of the mortgage companies that required a government takeover when the sub-prime mortgage crisis hit, is re-emerging as a leader in nontraditional home financing, according to a recent article in The New York Times.

Fannie Mae is the lender behind the new Affordable Advantage program, which enables borrowers to purchase homes with just $1,000 down – something that hasn't been done since the mortgage crisis, and it's one of few options for little-to-no-down-payment Idaho mortgages, unless you qualify for a special-interest loan, like a VA Loan.

The Affordable Advantage program is available in Idaho, Massachusetts, Minnesota, and Wyoming. A Fannie Mae rep says they intend to keep the program on a small scale. Still, it has sparked some controversy among industry experts, with some saying it's this type of financing that created the mortgage mess in the first place. Most experts, however, contend that a zero or little-down-payment loan itself isn't the problem; rather, the problem lies in lax underwriting or adjustable rates that can result in inflated monthly payments that borrowers can't keep up with down the line.

The Affordable Advantage loans, in contrast, are 30-year fixed loans, and Idaho home buyers must undergo mandatory home ownership counseling to qualify. A minimum credit score of 680 is required (720 in Massachusetts). The goal of the program is to enable moderate-income families to purchase homes and remain in their homes, as well as to boost the real estate market, which some say is bolstered by first-time buyers.