New Mortgage Rules coming in January may affect whether you qualify for a loan! The Consumer Financial Protection Bureau has issued new mortgage rules which will influence qualification requirements and the types of mortgages borrowers can get in the future.

Although these changes won't affect most Buyers, the people who may be affected are: 

1. Second Home Buyers
2. Borrowers who only marginally qualify for loans now due to debt to income ratio.
3. Borrowers who want smaller loans (below $160,000)
4. Borrowers wanting large loans (between $417,000 and $729,500.)
5. Self-employed Buyers
6. Buyers wanting interest only loans or longer term 40 year mortgages.
7. Borrowers qualified prior to January 1st as they may think they are qualified but find out later they are not qualified under the new guidelines.
Even with these changes, the outlook for the 2014 Housing Market looks bright! According to HouseWire home affordability is expected to rise in most areas despite rising mortgage rates. Economic growth is predicted to increase 2.5% to 3.0%, which is 0.5 percentage points higher than the initial 2013 estimate. Read more at ... 

For loan pre-qualification from one of the Schaller Team's most highly recommended lenders, and up to date information on the lending market, visit the