No Cost Loans

Q: What are these ‘no cost’ mortgage loans I hear about?
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Q: I have heard of "no cost" loans. What are they and will they cost me more in the long run?
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Q: I met with a loan officer regarding a mortgage and informed him that I need 100% financing. He mentioned an 80/20 loan and an 85/15 loan, said this would not require me to pay MIP. I have never heard of this before; it almost sounds like two loans. Should I be concerned? Are there any catches that I should look out for? He said the 30-year fixed rate would be less than 5% interest and told me I have already been prequalified, but we have not decided on the type of loan.
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Q: The documentation required to secure a mortgage seems reasonable to me. However, I have questions about advertisements I've seen to purchase real estate with no money down. How is this possible? Have you heard of it happening in San Luis Obispo County? We've rented for years and now want to buy without waiting to save thousands, if it's possible. What would you advise?
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Q: Are there any conventional 100% mortgage programs? I have read your columns about FHA's available, but would be interested in knowing about any conventional loans without down payments
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