HomeReady lets you lend with confidence while expanding access to credit and supporting sustainable homeownership."

The confidence part sounds like a Viagra or Cialis commercial.

Here is the product matrix for HomeReady, showing borrowers that they can obtain a 3% downpayment mortgage with no minimum cash contribution!

Of course the lender should feel safe — taxpayers are backing these risky mortgages … again.

Bear in mind that with only 3% downpayment, the borrower is instantly underwater and could suffer a 6% Realtor fee to sell the dwelling. Instant underwater mortgage!

The good news is that only 17% of mortgages in the US remain underwater according to Zillow.