What to do now if you want to buy a home in 2014

With the new definition of a qualified mortgage and new restrictions on lenders taking effect in January, buyers looking to purchase a home in 2014 should begin now making sure they meet the standards for a qualified mortgage.  Some of the changes include limiting mortgages to 30-year terms, capping points and fees at no more than 3% of the loan balance and eliminating negative amortization and interest-only payments.  In light of these changes, some borrowers who may qualify now may not next year.

For more information and tips on what you can do now read, “3 things you need to do now to buy a home next year.”