Anyone ever heard/used Neighborhood Home Loan through BMO|Harris?

[Seth B.]

As a first time buyer I am looking at different ways to finance my first property. When I spoke with a lender at BMO|Harris they mentioned I might benefit from their Neighborhood Home Loan(NHL) program.

Has anyone ever heard or used this program before? It seems similar to an FHA loan but minimum down payment is 3% and there is no PMI from my understanding, but you can only purchase property in certain areas.

I was able to dig this explanation of it online. Any insight would be appreciated! I just want to make sure I don't end up regretting some "special" deal that a smooth talk lender told me I should get.

http://thealvaradogroup.com/2012/09/27/financing-option-from-mi-bank/