The current mortgage market in the USA is absolutely nothing at all like the pre 2008 financial crisis mortgage market; today you need to have a good or excellent FICO score, proof of income that is verified by the lender via bank records and tax returns.
With interest rates hovering around 7%+ on a fixed 30 year the bar is even higher and you must prove to the lender you can cover the monthly payments with verified sources of income. In addition, ARMs (adjustable rate mortgages) are almost non existent today on homes under $1 million USD and even in that niche ARMs only represent middle single digit % of outstanding mortgages.
Pre 2008 ARMs with low teaser rates were ubiquitous, terrible FICO scores were acceptable and 'stated income only" was commonplace.
