If I am considering an unconventional home loan should I worry
about the new subprime rules?
Assuming I was going to put 20 or 25% down and had a FICO of over 750 but was going to do a Jumbo, interest only and/or no income or all of the above, should I be worried that I might not get the loan I would have gotten 6 months ago?
Is stated income and no income the same thing?
Please no comments on affordability, this is not my first home, let us assume I can afford it and am doing this because I am self employed and have uneven but stable cash flow and will be disciplined enough to pay it down when I have funds available. Also I will most likely be buying first then selling so want to use the proceeds of the sale to pay down the new mortgage rather than bother with a HELO but who knows
I do not have a house in mind but may have to readjust my thinking if the rule changes apply to what I want to do. How do I protect myself? The last thing I want is to have to worry about mortgage approval when I sign the contract