Oh they are very concerned with income, debt ratios & credit score.  They are just concerned with a lot of other piddly stuff as well.  Your comments are funny (in a good & entertaining way), however realize that this is just the beginning for conforming loans.  Fannie & Freddie were both recently delisted from the stock market, they are trying to cover their butts not to go out of biz... if that happens, the mortgage world is in for a huge surprise moving to private lending, and if you think qualifying is tough now, you won't believe the requirements at that point.