GE Capital Mortgage Insurance is teaming up with a nonprofit group to enable consumers with clean credit records to buy homes with no money down. Under the new program, the National Association of Housing Partnerships puts its own money at risk and provides counseling services to the borrower, to mitigate the risk to the General Electric Co. unit. Lenders have long toyed with the concept of providing mortgages without equity. Down payment requirements have served as a barrier to homeownership, "and they don't work to keep people in a home," said Kirk G. Willison, senior vice president at Countrywide Home Loans. But 100% home financing is tricky, because the extra risk has to be absorbed somehow. Fannie Mae and Freddie Mac will not buy loans with less than 20% down unless they come with mortgage insurance. And mortgage insurers are prohibited in most states from insuring loans with less than 3% down. In GE's program, the nonprofit group will guarantee the first 3% of the loan.