FHA still can be done with 3% down (or 0% if using one of the “gift” programs like Nehemiah) for first time buyers. FHA’s DTI requirements (both front-end and back-end) are strict enough though that most likely anyone who qualifies should be able to fairly easily afford the monthly payment.

Wonder what may happen though to that program if they start seeing walk-aways not due to unaffordability but due to buyers simply leaving a house thats well underwater.