Money Talks News: Getting a Mortgage is About to Get Harder

"If you have the ability to buy a house now, I would say buy your house, before year end, before the changes and don't wait any longer."

Tina Mulligan has been a mortgage broker for 35-years, so she's seen lots of changes. And she's about to see more.

A full five years after the start of our nation's worst housing crisis, starting in January, new mortgage rules will be in place.

For example, lenders are looking more closely at your financial information to determine your ability to repay that loan.

"They're building the cushion in order for you to maintain that kind of payment without really jeopardizing your family."

In short, you're going to have to prove you can afford the house. And these new rules could make it tougher for people who have irregular income or those who are self-employed.

Starting in January, lenders will have to check 8 different things to make sure you can repay that loan, from W-2s, to debts, to employment history.

They'll also make sure your total monthly debt payments don't exceed 43 percent of your monthly income.

The new rules apply to Fannie Mae and Freddie Mac loans, which make up a majority of mortgages. But mortgage pros say there are other programs people can apply for if they're having a hard time meeting the new requirements.

Bottom line... Since the housing crash, borrowing money for mortgages has obviously gotten tougher.

And the new rules, going into place in January, aren't going to make it any easier. I've got more details waiting at Just do a search for "Mortgage Changes."

For Money Talks News, I'm Stacy Johnson.