Looking to Buy in 2014? Qualifying for a mortgage may become a little trickier...

January 2014 is bringing significant changes to the mortgage industry.  The Qualified Mortgage Rule is a major new government regulation which will go into effect in January. In essence, the only mortgages that Fannie Mae or Freddie Mac will be able to purchase from banks or lenders will be Qualified Mortgages. In order to be deemed a Qualified Mortgage, the loan must meet a rigorous set of standards.  This is going to have a major impact on homebuyers; for some, qualifying for a mortgage may become a little trickier in 2014. My best advice to potential buyers is to learn their credit score, consult with a mortgage professional and meet the qualified mortgage standards well in advance of filling out loan applications.