New mortgage rules took effect on Friday January 10, 2014 that set out to protect borrowers against risky lending practices. One of the biggest changes is that borrowers will likely need to show more proof that they can actually afford the mortgage they’re applying for. What a concept!

In our experience, Bay Area borrowers are already following these standards regarding documentation — tax returns, income verification, etc. However, Realtor Associations will closely follow how this is implemented to determine whether they make it more difficult for borrowers to qualify for mortgages.Read more from the National Association of Realtors Magazine