Anyone trying to get a home loan right now will pay the price of the mortgage meltdown. Lenders have clamped down on requirements.

The days of just about anyone getting approved for a home loan, with no documentation, are over.

“It's a little bit more traditional than it has been in the past. There are funds available for those that can document the income, their assets, have good credit,” said Jon Whittington, Home Loan officer. “Where there are really not as many opportunities any more is on the very little down, high end loan with unverified income.”

For buyers, lenders can determine a budget, based on the amount you can qualify for pre-approval.

“Typically as long as you've got 40-45 percent of your gross income allocated to your home and all outstanding debt whether that's car loans, student loans, those types of things, typically you can be pretty affordable and not too handcuffed to your home,” said Whittington.

There are many mortgage options out there so ask questions.

“What can I make sure I'm getting the monthly payment that I'm hoping to have. Number 2 is how long you plan on holding that home or that note,” said Whittington.

A 30-year fixed will lock in monthly rates, but if you plan on moving in the near future, mortgage brokers say you may save money by choosing something like a 7 year fixed, with adjustable rates after that.

If you have a question for our dollars and sense segment, email it to us at news@khon.com.