Income criteria ensures that the rent is affordable for your tenant based on average household expenses.One way to get around income criteria (we use this with college students) is to get a co-signer who does meet the income criteria (and also passes a background/credit check).I would say that if your applicant can't get a co-signer who qualifies under all your criteria, you should deny the application.

They were never late on rent, keep a VERY clean household, and rarely call me with issues.

CONVERSION FEESThe owner must make a Conversion Fee payment of 5% of each unit sales price to the DHCD within 30 business days of the settlement date (§ 42–3402.04 of the Code of District of Columbia).However, exemptions can be granted if the property meets at least one of these qualifications:-Was previously owned by a sole owner or registered vacant for at least 12 months-Sold to a low-income household (80% or less of median household income)-Sold to a person 62 years of age or older-Sold to a disabled person (as defined by the ADA)-Sold to a tenant who lived in the property for at least 12 months prior to the condo conversion

Monthly pre-tax income for household 5.)

For example Myrtle Beach, had a 30% increase in population over 10 years, has good household income and home prices are still well below national average. 

(d) A lender may not exercise its option pursuant to a due-on-sale clause upon--, (1) the creation of a lien or other encumbrance subordinate to the lender's security instrument which does not relate to a transfer of rights of occupancy in the property; (2) the creation of a purchase money security interest for household appliances; (3) a transfer by devise, descent, or operation of law on the death of a joint tenant or tenant by the entirety; (4) the granting of a leasehold interest of three years or less not containing an option to purchase; (5) a transfer to a relative resulting from the death of a borrower; (6) a transfer where the spouse or children of the borrower become an owner of the property; (7) a transfer resulting from a decree of a dissolution of marriage, legal separation agreement, or from an incidental property settlement agreement, by which the spouse of the borrower becomes an owner of the property; (8) a transfer into an inter vivos trust in which the borrower is and remains a beneficiary and which does not relate to a transfer of rights of occupancy in the property; or (9) any other transfer or disposition described in regulations prescribed by the Federal Home Loan Bank Board.

Ashley Sommer In my experience, the lender places more weight on your total household income as well as your longevity with your employer.

The CA version appears to require a licensed mortgage originator on all loans, including seller financing, to owner occupants (personal/family/household loan) but does not require a LMO to create seller financing to an investor buyer (commercial loan).

As to whether or not I think someone making $380,000 a year "should shoulder the burden of carrying others via this tax system," that is a much touchier subject and it would be impossible to avoid politics.At first glance that amount seems like a lot, but then I look at data that shows there are over 145,000 households that bring in $1,500,000+ a year (top 0.1% of households).

Does anyone believe that it is possible that housing prices may take a hit if household income can't keep pace with rising housing costs in those areas?