Subprime isn’t “gone” per se, but it’s more sensible. Zero down? Fuggetabout it. Stated income? Maybe if the loan-to-value ratio is under 70%, pretty much ensuring that the lender won’t lose their shirts.
Earlier in the year I got a no-doc (30 yr. fixed) with a LTV of 80%, at arround 5.8%, buying a point.
The kicker was I didn’t ask for a stated income loan, I asked my bank if I was paying extra for it (they said “no”), and the rate the gave me matched their listed rates for the day on their website.
My wife kept telling me she thought something was wrong, and I kept thinking the bank was nuts, but whatever. I was straight with them, and they were willing to take my word for everything, so no harm done to anyone. I wish we could all do business like this. (I need to get permission for days off from work in writing.)