One problem today is that even people who put 10% down several years ago and got 90% financing, today need 100% financing.
People with low score, 100% financing that did an ARM are screwed.
I will post a separate thread about ARM’s adjusting.
For self employed, tax returns and bank statements to prove cash flow. It doesn’t necessarily prove income, lenders know this.
These are SUBPRIME guideline changes,, Prime lenders have diff guidelines.
IF you qualify, stated income is still possible at some rate. The thirst for high returns isn’t going away.
What most people do not understand is QUALIFYING for the program.
As discussed elsewhere, there are people whose lives will be financially ruined because they bought a house at the wrong time. No one is going to be able to save them.
