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As San Diego Home Prices Continue To Rise, Some Mortgage Lending Eases

For example, for a household making approximately $7,000 in gross income a month, with a few hundred dollars in debt payments, it could mean a significant loan increase, said Mark Goldman, senior loan officer with C2 Financial Corporation and real estate instructor at San Diego State University.

“Their ability to afford a home with 10 percent down went from about $455,000 up to about $540,000,” Goldman said.

Freddie Mac has allowed a 50 percent debt ratio since 2011, but on a much smaller scale.

Another big change is self employed borrowers are able to qualify for a mortgage loan with just one year of tax returns instead of two.

“So someone who had a big increase in their income in the last taxable year can qualify for a Fannie Mae loan,” Goldman said.

Goldman said the changes should help the region’s affordability.

“One thing we look at is can a family with a median income qualify for a median priced home in San Diego,” Goldman said. “This will help that.

Indiana Mortgage Assistance Program Stops Taking New Applications

A federally-funded program that helps Indiana homeowners avoid foreclosures stopped taking applications at the end of June.

The Indiana Hardest Hit Fund provides mortgage assistance to people in danger of losing their homes.

It stopped taking new applications at the close of business Friday, after learning in the spring that it would need remaining funds for current participants.

Indiana Housing and Community Development Authority spokesman Brad Meadows says applications to the program have to go through local housing counselors, and that those counselors were told in advance of the new deadline. There does not appear to have been any other public notice about the change.

Meadows says current funding recipients aren’t affected by the shutdown, and that applications submitted before last Friday will be processed as normal. He also says the fund may start taking applications again if extra money comes available.

Meadows says the nearly seven-year-old fund has sent $140 million in mortgage assistance to more than 9,300 Hoosiers through the end of May. The program received $283 million total in five rounds of funding between 2010 and 2016. The latest round was supposed to be spent by 2020.