The Consumer Finance Protection Bureau’s new rules for underwriting mortgages will start next week, and they will mean some buyers who qualified for a loan before will not meet the requirements under the new standards, especially those who were close to the debt-to-income ratio cutoff or those considering an adjustable rate loan. There will be lenders offering loans outside of the new guidelines, so we’ll have to see how it all shakes out, but this would be a good time to check in with your mortgage banker or loan broker if you were pre-approved last year.
You can also find more info at the CFPB website.