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Congress has passed a financial reform act into law. The basics are lenders are required to document a borrower's income. A business owner with outstanding credit history who had a decline in income from their business last year might have difficulty obtaining a loan.

Homeowners who have had financial or credit challenges due to divorce or bankruptcy, business owners with fluctuating income, and other borrowers who fall "outside the box" may be required to pay higher interest rates to obtain a loan.

Currently lending guidelines are not as bad as they could be when the new law goes into effect. This means if you can qualify for a loan now, you should do so, and not gamble your homeownership on the future impact of the new law.