Say someone has a small business and is self-employed -- therefore, they don't have any proof of income in any way (assume such an example). This person, however, has 75% of the down-payment on a house. Will having 3/4ths the value of a house offset the need for proof of income?
I'd assume this would make sense. If you're just about able to buy the house, giving 75% down-payment would make your mortgage on a relatively low-valued property near zero -- something in my estimate of $17/mo., which virtually anyone can come up with -- even a homeless person.
My question is, will mortgage lenders still refuse the offer? Will they be more lenient?
Higher interest-rates are fine as long as my monthly payment falls beneath $100 with taxes.