Buying first home with $0 down, and BELOW market value?

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Hello all,

I have been active on the wholesale side of things lately, but have not had a mortgage since 2013 when I exited my first live in flip.  

I did not intend to "live in flip" - it just kinda happened.  I bought a house.  Put $20k into it, got another job offer 2 years later, had to sell the house.  It all worked out great.  I made some money.  If I only I knew what the heck I was doing....

Nonetheless,  I am being offered a $0 down mortgage - rather aggressively by my bank.  Clearly, this is a trap that many people will unfortunately find themselves in.  

I've been content to wholesale, stow away cash, and keep a strong credit profile for when things bottom out but a "brain fart" popped in my head.  

Does getting a home under contract for significantly below market value and financing it using a $0 down mortgage make sense? 

 On paper it makes sense to me... $400k home, $300k contract, $300k mortgage, $100k worth of equity built in, which I surmise is enough cushion to weather the next storm.  

A lot of dumb ideas have made sense to me on paper and I was hoping to get the opinions of those who are more experienced in taking title to properties on this.

Thank you!