You don't NEED any of that stuff. Mr. Downandout had only purchased his home a year ago. He had an excellent job, excellent credit and was able to buy his home with minimal money down. You know that even if Mr. Downandout just gave you his property and said here, take it. I just want this headache to go away.
Lets say they are classified as a C, B borrower.
They will have to pay a much higher interest on any loan they were to get. Let's say they found a lender that would approve them with some credit problems. So it would be safe to say that anyone that is buying homes in this price range have good incomes in order to qualify. If they didn't, no one would be buying these homes. But a LOT of people ARE buying these homes everyday.