Federal mortgage laws are changing again and the real estate market is bracing for the change. Starting on January 10 of this new year, lenders will be required to take a look at eight bits of financial information in detail, including income and debts. A worry that is being brought up by various real estate officials is the further difficulties these new rules may put on low-income families and those buying homes for the very first time when they try to apply for a mortgage. Janet Gaglione, president of the Charlotte (N.C.) Regional Mortgage Lenders Association, says that the new rules are attempting to make every lender accountable for every single possibility of what could happen over the course of the loan and Mark Vitner, an economist for Wells Fargo, says that this could slow the recovery of the housing market even more.
These new rules will limit the type of loans that can be made, especially ones that required little to no financial information from the person receiving the loan.
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