The other day on KSFO radio in San Francisco, they had conservative author guest, and he related the case of an illegal alien berry picker whose annual income was $16,500 and bought as house priced at $750,000.
This was about one year ago.
So that would make for a person who devoted EVERY dollar of income to paying off the house (without interest) for fifty years.
FIFTY YEARS.
How much was a down payment and maybe it was a house that housed 7 berry pickers with a combined income of 110,000 a year, and without more facts, this could be a very good performing loan.