Highlighting their desperation to sell houses, builders are bringing back the gimmicks -- mortgage rates that start low, help with down payments, zero out-of-pocket expenses -- that helped fuel the housing bubble before it went bust.

But this time, they say, history won't repeat itself.

Builders are turning to offers like zero-down deals to sell empty houses.

This weekend, Lennar Corp., the nation's largest builder by revenue, will start interest rates at 2.88% for the first year -- 3.88% for the second -- before a slightly higher rate locks "for life." In some markets, Ryland Group Inc. will Dcover the down payment and closing costs, while KB Home has zero-down deals. Hovnanian Enterprises Inc., meanwhile, also is helping buyers secure down payments, and its mortgage subsidiary eliminated loan closing fees.

Builders, trying to survive the worst downturn since the Depression, must move inventory quickly to bring in cash: Stung by eroding land and house values that show no sign of stabilizing, the nation's top builders have racked up more than $24 billion in impairment charges, according to Standard & Poor's.

Builders acknowledge things are tough, but they promise they are being responsible: To keep people out of houses they can't afford, they are scrutinizing income and credit scores and making sure loans don't reset with unbearable payments.

"What's going on right now is not what got us into this, it's what's going to get us out," said Dan Klinger, president of K. Hovnanian American Mortgage. "We over-document. The loans have never been cleaner."

That isn't enough for some, who say the specials sound too much like the free-lending heyday.

"It's a different shade of gray, but essentially it puts people in the same position," said Jeffrey Guarino, managing director of Gotham Capital Mortgage in New York. "If we haven't learned anything about the value of equity in the risk of a foreclosure, then what have we learned?"

Most industry watchers aren't worried. To them, this is simply the latest batch of incentives -- this round inspired by the heightened lending restrictions -- necessary for business, even if they stress already-razor-thin margins. "The builders, they repeatedly keep telling me that the lack of availability of money is just problem number one by a wide margin," said Nishu Sood, a Deutsche Bank analyst. "It makes a lot of sense for them to shift their incentives to focusing on affordable mortgages."

Of course, he adds, this likely won't end the crisis. "I don't think it's going to be successful in terms of turning the tide. They can't single-handedly undo the tightening in lending standards."

During the boom, creative financing, such as mortgages with low teaser rates and 100% loans, flowed to practically anyone, regardless of income or credit score. Eager buyers snapped up houses, and builders raced to fill the insatiable demand, boosting home prices and residential stocks.

But, when both new and existing homeowners began defaulting on loans, the bubble burst, leaving builders with an inventory glut that so far has withstood incentives including free upgrades and price reductions into the six figures.

Meanwhile, with depressed housing values, as many as 10 million homes have zero or negative equity, providing greater incentive to default, notes Lehman Brothers. That fear, along with mounting foreclosures -- estimated at 2.6 million in the next two years -- has caused jittery lenders to tighten lending requirements.

That has left an ever-shrinking buying pool, including those with good credit, having a tough time securing financing.

As builders shift their pitch from that free gourmet kitchen to financing, they know they must be judicious: Builders don't hold their loans -- they are usually resold to larger mortgage companies that pool them for resale to the secondary market -- and what few loan buyers remain have no tolerance for risk.

Potential home buyers should be ready for scrutiny, read the fine print and prepare for rejection. "In 2005, we were in the mode of check a pulse, qualify a mortgage. There's an asterisk now that says not everyone qualifies," said Ritch Workman, president of the Florida Association of Mortgage Brokers. "They're willing to wade through a lot of unqualified buyers to find one that might be."

Like most builders, Lennar's "Sell-A-Thon" requires buyers to go through its mortgage arm. The deal is limited to loans under $417,000, and there are minimum credit scores. Ryland, meanwhile, assumes the buyer qualifies for down payment from a "nonprofit down-payment-assistance program." It is limited to program availability.

But there is one thing the deals will never be able to do: Promise that buyers, even those with good credit, won't default or walk away from their mortgages, especially if home values fall further.

Said Robert Curran, Fitch Ratings' lead home-building analyst: "At any point of time, and even after all we've gone through, some portion of any loan pool is going to default."

Write to Dawn Wotapka at dawn.wotapka@dowjones.com

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