tag:searchlightcrusade.net,2024:/mt//feed/stated income 2024-04-19T08:57:07Z Movable Type 4.21-en 23 1 23 tag:gockel.hmdnsgroup.com,2006:/~searchli//3.2456 2023-12-18T15:00:00Z 2023-12-18T15:48:25Z Dan Melson http://www.searchlightcrusade.net/ (This was originally written February 16, 2006, but it's relevant still) One of the occasional questions I get from people has to do with why the housing bubble got so big (or if you're one of those still in denial... tag:gockel.hmdnsgroup.com,2006:/~searchli//3.2385 2022-05-17T14:00:00Z 2022-05-17T18:03:58Z Dan Melson http://www.searchlightcrusade.net/ We have several rental properties that we own (more than 10). When we were younger, before we got married, we both moved around a lot and bought houses, moved, stayed a year or so and did it again. I... tag:www.searchlightcrusade.net,2009://3.4732 2022-02-21T15:00:00Z 2022-02-21T17:10:27Z Dan Melson http://www.searchlightcrusade.net/ This is one of the biggest issues with my local real estate market. Because the San Diego market has very high demand and limited supply of property, prices are high. A reasonable two bedroom condo runs around $200,000. A 1200... tag:www.searchlightcrusade.net,2009://3.4719 2021-12-21T15:00:00Z 2021-12-21T18:14:13Z Dan Melson http://www.searchlightcrusade.net/ When things went south in the real estate market, I saw more changes in the lending industry in a few months than the previous five years. But those changes mostly restored us to the place we were a few years... tag:gockel.hmdnsgroup.com,2007:/~searchli//3.2915 2021-10-05T14:00:00Z 2021-10-06T13:56:50Z Dan Melson http://www.searchlightcrusade.net/ Many people have no clue how qualified they are as buyers, or borrowers. There are two ratios that, together with the credit score, determine how qualified someone is for a loan. The first, and by far the more important, is... tag:www.searchlightcrusade.net,2008://3.4450 2021-06-06T14:00:00Z 2021-06-06T14:33:45Z Dan Melson http://www.searchlightcrusade.net/ I got a question about what the number one obstacle is to most people qualifying for the loan on the property they want. The answer is "existing debt." Credit cards, student loans, car payments, etcetera. It seems like more people... tag:gockel.hmdnsgroup.com,2007:/~searchli//3.2760 2021-05-18T14:00:00Z 2021-05-18T15:12:18Z Dan Melson http://www.searchlightcrusade.net/ (UPDATE NOTE: After several years of it being unavailable, I've recently started getting lender solicitations for stated income loans again. I haven't done any of these new loans yet, but as much as I don't like stated income there is... tag:www.searchlightcrusade.net,2008://3.4244 2021-03-03T15:00:00Z 2021-03-03T14:15:20Z Dan Melson http://www.searchlightcrusade.net/ (This is an updated reprint of an article written in February 2007. The Era of Make Believe Loans that made it easier to qualify people for inflated loan amounts ended abruptly a few days later, but the sort of thinking... tag:gockel.hmdnsgroup.com,2007:/~searchli//3.2656 2021-02-09T15:00:00Z 2021-02-09T15:27:39Z Dan Melson http://www.searchlightcrusade.net/ This woman made herself a victim stayed in a hotel for 7 weeks looking for my "Dream Home." And, when I found it, even though it wasn't in my price range, I knew I would do anything I could to... tag:www.searchlightcrusade.net,2009://3.4890 2020-10-28T14:00:00Z 2020-10-28T13:47:23Z Dan Melson http://www.searchlightcrusade.net/ I know 401k contributions impact a persons Adjusted Gross Income, thus would it also affect the amount a person could qualify for? If so, I will delay enrollment for a few months... This depends upon what documentation you use to... tag:gockel.hmdnsgroup.com,2007:/~searchli//3.2780 2008-12-15T15:00:00Z 2008-12-15T14:42:20Z Dan Melson http://www.searchlightcrusade.net/ (I published this originally June 18, 2006. Anyone want to tell me I didn't hit this nail on the head?) The housing bubble is not the primary focus of this website, but to pretend it does not exist is plainly... tag:gockel.hmdnsgroup.com,2007:/~searchli//3.2751 2008-11-15T15:00:00Z 2008-11-15T16:43:52Z Dan Melson http://www.searchlightcrusade.net/ (This blast from the past originally appeared June 7th 2006, and it wasn't my first such article. It's still relevant, though. Keep in mind that San Diego has been on the bleeding edge of all of this, so we're likely... tag:www.searchlightcrusade.net,2008://3.4374 2008-10-23T14:00:00Z 2008-10-23T13:44:13Z Dan Melson http://www.searchlightcrusade.net/ Having had two separate very qualified buyers ask me if they could get a loan in the last two days was kind of an eye opener to all of the hype out there about how difficult it is to... tag:www.searchlightcrusade.net,2008://3.3956 2008-04-15T14:00:00Z 2009-12-03T14:51:02Z Dan Melson http://www.searchlightcrusade.net/ I know 401k contributions impact a persons Adjusted Gross Income, thus would it also affect the amount a person could qualify for? If so, I will delay enrollment for a few months... This depends upon what documentation you use to... tag:www.searchlightcrusade.net,2007://3.3530 2007-10-09T14:00:00Z 2022-07-25T14:27:14Z Dan Melson http://www.searchlightcrusade.net/ This is one of the biggest issues with my local real estate market. Because the San Diego market has very high demand and limited supply of property, prices are high. A reasonable two bedroom condo runs around $300,000. A 1200... tag:www.searchlightcrusade.net,2007://3.3538 2007-10-02T14:00:00Z 2022-07-25T14:21:48Z Dan Melson http://www.searchlightcrusade.net/ I've seen more changes in the lending industry in the last six months than the previous five years. But those changes simply restored us to the place we were a few years ago. Loans are easy to get, rates are... tag:gockel.hmdnsgroup.com,2007:/~searchli//3.2774 2007-05-09T17:00:37Z 2022-05-09T16:12:05Z Dan Melson http://www.searchlightcrusade.net/ I got a question about what the number one obstacle is to most people qualifying for the loan on the property they want. The answer is "existing debt." Credit cards, student loans, car payments, etcetera. It seems like more people... tag:gockel.hmdnsgroup.com,2007:/~searchli//3.2676 2007-02-28T18:00:58Z 2022-04-26T00:33:17Z Dan Melson http://www.searchlightcrusade.net/ Not very long ago, a woman who was impressed by my website called because she wanted to get pre-qualified for a loan. "Great!" I told her, and proceeded to ask about her income and her monthly obligations and everything else,... tag:gockel.hmdnsgroup.com,2006:/~searchli//3.2288 2006-06-18T17:00:38Z 2007-09-16T22:49:03Z Dan Melson http://www.searchlightcrusade.net/ The housing bubble is not the primary focus of this website, but to pretend it does not exist is plainly wishful thinking. One of the ongoing phenomenon that have been driving the bubble is the "Stated Income"loan, where the lender... tag:gockel.hmdnsgroup.com,2006:/~searchli//3.2065 2006-01-05T18:01:06Z 2007-09-12T21:04:06Z Dan Melson http://www.searchlightcrusade.net/ Inside Larry's Head has an article that starts "Dear Housing Bubble People" where he talks about the fed having signalled that the end of hikes in rates are likely near, and speculates that this means there is no housing...