Bummer about the "Stated Income" loans. I used these loans to buy all the houses I own and I was able to get one for the new house I purchased last month. The overwhelming majority of my income is commission which is not usually considered when it comes to loans.

Try qualifying for a home in California with a base salary of 50K a year. Unless you are buying a mobile home it can't be done.

BTW...I pay about 1/2 point more for the "Stated Income" loan; however with rates as low as they are I consider it a deal.