Qualifying for Mortgage Without “Income”

Once upon a time, in a land far far away there lived a Phoenix mortgage program named "stated income."  He roamed the Arizona Real Estate market spreading mortgage bliss (or so everyone thought) to every soul that had a pulse.  Oh who am I kidding, you don't need to hear this story.  We all know how it ends! The lingering problem with this story's ending is that when stated income was retired out the baby went with the bath water.  There was a legitimate use and appropriate application for … [Read more...]