Eight reasons it may be more difficult to get a mortgage next year

by Jan Richey | October 24, 2013

In January 2014, the Dodd-Frank Mortgage Reform will go into affect, which may make it harder to get a mortgage. Jennifer Berry of Yahoo Homes has provided eight factors you need to consider should you need to qualify for a loan next year.

1. You’ll need enough income or assets to cover your mortgage payments.
2. You’ll have to prove employment – or income from self-employment.
3. You’ll need to prove you can afford property tax and homeowner’s insurance.
4. You’ll have to factor in the amount you pay on any additional mortgages.
5. You’ll need to provide full disclosure of any additional properties you own.
6. If you pay child support, you’ll have to calculate that in, too.
7. You’ll need a debt-to-income ratio that’s lower than 38 percent.
8. You’ll need a clean credit history, and a good credit score.

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Read the entire article here.

Photo: Thinkstock – The impact of Dodd-Frank