By Lisa Prevost | The New York Times
The conservative-leaning American Enterprise Institute has found an unlikely ally in the Neighborhood Assistance Corporation of America, a housing advocacy organization, to help roll out a new 15-year mortgage designed to allow borrowers to build equity more quickly.
Called the Wealth Building Home Loan, the mortgage features a low fixed interest rate, and, like loans insured by the Federal Housing Administration, little or no down payment. But unlike F.H.A. mortgages, these loans carry no additional fees, and the term is 15 years instead of 30.
