San Diego is in peak home-buying season, and the prices keep rising.
That can make it much harder for people to qualify for a mortgage. They have to show they can make the monthly payment — plus all of their current debt, including student loans, car payments and credit cards.
But starting this weekend, Fannie Mae will start backing mortgages with a 50 percent debt-to-income ratio, up from the current 45 percent. That can be big with a county median now $543,500, up about 10 percent from last year.
“If you want to buy a home and that home you wanted was a little bit beyond your capacity last month, it may be a little bit within your capacity this month,” said Mark Goldman, a loan officer and real estate lecturer at San Diego State University
Credit: ABC Channel 10 News
By: Jonathan Horn
Posted: 6:04 AM, Jul 28, 2017
Updated: 8:06 AM, Jul 28, 2017
Read Full Article