Mortgage rules under The Dodd Frank Wall Street Reform and Consumer Protection Act will change on January 10, 2014, affecting both homeowners who want to refinance, and first-time homebuyers who need a mortgage.
If you're wondering which rule change will have the biggest impact on mortgage seekers, the answer is the rule regarding allowable debt-to-income (DTI) ratio. The DTI is your monthly debt repayments (including your prospective mortgage, and any other loan or alimony payments you must make) divided by your gross monthly income (your income before taxes).
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