Well, a big clue is the fact that he couldn't afford a conventional down payment. "a planned package of two mortgage loans". He's was going with an 80-10 or an 80-20. See also the fact he was having to do an Alt-A even though his combined loans were under the cap for a conforming. P&I is going to be over 2500 a month; add on taxes and insurance and PMI, and his monthly payment will be in the $4-5,000 range. Now, if he devotes around 25% of his gross income for housing, he'd have to be making well over $100 an hour as a mechanic.
That may well be true. But it never does anyone any good to make assumptions without all the facts.
Maybe he was just under conforming because of past credit issues that are cleaned up, but not quite old enough to pass Fannie muster? Maybe he had $40,000 down (that’s 10% and more than sufficient down payment.)
Also doesn’t mention what his wife’s job is.
It’s quite possible he can’t afford the place. It’s also quite possible he can.