“3. I was just offered a stated income loan at 3%, max stated income being 3x liquid assets after closing, letters of reference required. Don’t be so sure — creative financing is back, at least on the right coast. Of course, this is still better than a NINA or NINJA loan of years past.”
—–>Yes but you need a huge down payment for a loan like that today, 30-40% down. A loan with 20%-40% down has almost ZERO risk of default. 2003-2007 they were doing stated income ZERO DOWN for people with shitty credit! HUGE difference! Apples and oranges! So I disagree with you, creative financing is NOT back. Anything with more than 20% down is not creative financing IMO.
