Federal regulations taking effect Friday will make it harder for people to get a home.
Mortgage experts say the regulations would have prevented the housing market from crashing.
"We weren't verifying income, so we didn't know if that person qualified for the loan," said Michael Matney with Southwest Direct Mortgage.
Consequently, people were allowed to purchase a home they could barely afford.
On January 10, 2014, all that is changing. The new rules created by the Consumer Financial Protection Bureau will be in full effect.
"I'd say we are going back to our core lending principals," said Matney.
One big component impacting buyers is limiting the loan based on the amount of debt a person has.
So lenders will take your loan, and combine it with the debt you currently owe. That total must be less than 43 percent of your gross income before taxes.
"It's going to make people step back and actually qualify for a loan they can afford," said Matney.
Buyers must include everything from student loans to medical bills. If the federal government finds out you missed something, you could face criminal and financial penalties.
"It's the consumers responsibility to make sure they disclose that to us so we can include that during the qualification process," said Matney.