"100% Financing up to $417K. Designed for the 1st time homebuyer with no down payment! 30 years fixed. 6.000% 1+0. 6.250% 0+0. Interest only & buy-down allowed. Gifts allowed for down payment & closing costs. 100% financing. Minimum credit score 620. 97% financing. Minimum Credit score 580. Max seller contribution of 6%. Non-occupant co-signer allowed. Household income limitations apply. PMI or lender paid PMI required."
That's from a reputable lender. If he's offering it, I'm sure others are.
Hope that helps.