3 If you're thinking about buying a new home in the new year-- it may be harder to qualify for a loan. There are new rules going into effect and experts say you should start doing your homework now. Channel 4's Chris Parenteau spoke with a local realtor about the tighter loan options - and joins us LIVE with some advice. 3 3 STARTING JANUARY 10, IT WILL BE MORE DIFFICULT FOR MANY PEOPLE TO QUALIFY FOR A LOAN. THAT'S WHY REALTOR HOWARD FLASCHEN SAYS NAILING DOWN LOAN OPTIONS NOW IS GOOD TIMING. 3 0-723-30HOWARD FLASCHEN/REA LTOR :59 what's going to happen is it's just going to get tighter, a lot more scrutiny, mortgages will take longer to get through the system and it's just going to be harder for homebuyers to find homes.QUALIFYING FOR A LOAN IS GOING TO BE A MORE DIFFICULT IN ABOUT A WEEK. NEW FEDERAL MORTGAGE RULES, ESTABLISHED BY THE CONSUMER FINANCIAL PROTECTION BUREAU GO INTO EFFECT NEXT MONTH. THE NEW RULES ARE MEANT TO PREVENT BAD LENDING PRACTICES THAT LED TO THE HOUSING CRASH.1:38 when the bubble popped, everybody started talking about fannie, Freddie regulations and stricter oversight, people were getting loans that they maybe shouldn't have been getting so that's going to change and it's starting next year ON TOP OF WORRYING ABOUT THE NEW MORTGAGE RULES, YOU'LL WANT TO KEEP A CLOSE EYE ON INTEREST RATES AS WELL. THERE'S A GOOD POSSIBILITY THEY GO UP NEXT YEAR, AFFECTING YOUR MORTGAGE PAYMENTS.:45 interest rates are going up. Everyone knows that, they've been going up and that makes affordability go down, monthly payments go higher, and then debt to income ratios are going to be looked at very closely by fannie and Freddie and the fhsa.REALTOR HOWARD FLASCHEN SAYS IF YOU'RE LOOKING TO BUY .. PUT TOGETHER A GOOD TEAM-A REALTOR, A MORTGAGE SPECIALIST..AND GO OUT TO SEE WHAT YOU CAN AFFORD BUT KEEP IN MIND THINGS WILL BE MORE DIFFICULT.1:26 prices are higher, interest rates are higher, regulations tighter so you could easily be looking at a couple hundred dollars in your monthly payment every month 3 FREDDIE MAC AND FANNIE MAE ALSO ANNOUNCED CONSUMERS WILL HAVE TO HAVE A HIGHER CREDIT SCORE TO GET THEIR LOWEST INTEREST RATE ON MORTGAGES.