Irish, I'm not clear whether that was a private loan (from the seller), or from a bank. So, income may have not been considered. Aslo, PAs credit history and down payment would be key to obtaining a regular loan, and how they would underwrite it.
A private loan would probably not be real concerned about that stuff. And, I'm sure PA has many ways to raise money. So, we really have little to go by with this mortgae speculation regarding PAs income.
I also am a licensed Mortgage Broker. No way to extrapolate income on a deal that is in essence Seller Financing. Even if he was securing a mortgage from a lender, there are a miraid of products available that allow for "Stated Income" situations. So basically, income and debt-to-income can be what ever you can justify to a lender in some instances. You pay a higher percentage on the money you borrow, but the lender doesn't ask for documentation of your claims.
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