Introducing Fannie Mae’s Instant Underwater Mortgage – 3% Down, No Cash Needed

fannie cc

But don’t worry. If these mortgages default it’s on the taxpayers. (Like it always is these days.) What? You have a problem with that? It’s only your money.

From Zerohedge

Fannie Mae, the Washington DC mortgage giant, has announced their latest program: HomeReady. According to Fannie Mae,

“HomeReady is designed for creditworthy, low- to moderate-income borrowers, with expanded eligibility for financing homes in designated low-income, minority, and disaster-impacted communities. 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!

Click here for the article.

The people making these calls in DC really just don’t know what they are doing.