DOJ, you’ve got some really bad info.
Loaning $12 on $1 of income was never possible.
Nobody on earth approves loans based solely on annual income, and there was never a time that even 10:1 was a measure.
Borrowers are qualified on gross income vs. total monthly debts, (minimum payments) including mortgage, property taxes, hazard insurance, HOA fees, credit cards, car payments, school loans, child support/alimony etc. Usually only monthly debts that are on a credit report are used.
The higher your income, the more disposable income you should have.
There is no exact ratio, but up to 60% of gross income is not impossible.
It’s more debt than I recommend, but many people don’t want to listen.
Lenders will approve people for more debt than they should take on.
Median numbers mean absolutely nothing, and are misleading.
Median income earners don’t buy median priced homes.
Your “potential outcomes” are the kind of misleading projections that the media loves.
