Fannie Mae released a new version of their automated underwriting system in July. Improvements should benefit self-employed borrowers, those with disputed accounts, borrowers with new jobs, and those with higher debt to income ratios.
Every day, we're hearing about new subprime and Alt-A mortgage options. But the subprime market today looks vastly different from the old subprime market. The days of stated income loans, where a borrower's income was never confirmed, are over.