Just an FYI (especially for Minnesota), we still have the ability to issue (and are issuing) loan approvals based on income, asset and, on some refinances, even appraisal documentation waivers.....
I don't know of anyone else doing this....as a matter of fact, I was just referred a loan recently from a friend of mine at US Bank because they couldn't do a documentation waiver program-yes, I have the preliminary approval and the loan is locked!
The big difference is we don't have any chart like in the past that says "if this and this then it qualifies for that". It is a waiver program that is computer driven and it takes the whole file into consideration then gives us a decision and loan documentation requirements based on the the situation......I will say that, good credit still goes a long ways!
Just a heads up...if anyone has a situation where this may be valuable, it's definitely worth looking into-and I'd love to help!