For two income families and the wealthy, home mortgage approvals are increasing, as evident by higher home sales the past few months. Qualifying for these 3.3-3.7%, 30 year loans is not difficult for those with credit scores above 700 and the ability to put 20% down.

Home ownership by single women and men, however, has declined since 2010 to 16% from 20% for single women, and to 9% from 12% for single men, according to RISMedia, a real estate news service. Dual income homeowners have increased their share to 65% from 58%. Tighter lending standards mandated by the government are primarily the reason.

The 2010 Dodd-Frank financial regulation overhaul, considered necessary by Congress to fix the housing crisis, changed lending rules to make banks legally responsible for determining that a borrower is able to repay a mortgage. The law established the Consumer Financial Protection Bureau (CFPB) to implement the new rules. The upshot is that banks are narrowing their loan offerings and relying more on 30-year, fixed-rate mortgages, which require government guarantees.

"Lenders still can make loans that aren't considered qualified mortgages, but most say they won't do so given the liability", said Nick Timiraos in the Wall Street Journal on Jan. 10. "The rules could slow or block the return of the exotic mortgages that enabled hundreds of thousands of Americans to take on more debt. Borrowers can't qualify for adjustable-rate loans based on low "teaser" rates and instead must qualify based on the highest payment that will apply in the first five years of the loan."

This last change in lending regulations has eliminated many potential home buyers, single men and women among them, who previously were able to plan on higher salaries in their careers from promotions or new jobs when they could afford the larger payments required in adjustable rate loans.

Many first home buyers, who can qualify, use Federal Housing Administration guaranteed mortgages because of their low, 3.5% down payment requirement. Even these loans, however, are becoming more difficult to qualify for and afford, said James Ferrick, a loan officer at Colonial Savings. "On a 30 year, $400,000 loan, with a monthly payment of $1828/month," he said, "the FHA mortgage insurance now adds $420 to that payment, so qualifying is harder."

Ferrick added that the new CFPB requirements that a bank must retain more capital or equity to back their loans will likely cause lenders to further tighten their lending criteria, thus reducing the number of mortgages they originate.

To maximize the chances of obtaining a mortgage, a buyer must anticipate these new, tougher requirements and prepare for the required documentation.

"Before placing an offer on a home" advises Holly Hoopes, a loan officer at Sun Trust Mortgage in Purcellville, "a buyer should complete the application process with a good, trusted lender to have a pre-qualification or, better yet, a pre-approval Letter for the maximum priced home they can qualify for. If possible, they should know their credit score and understand that all of their monthly payments – proposed mortgage payment, monthly installment and revolving debt, etc. can't exceed, in most loan programs, 43% to 45% of their gross monthly income. This is called debt to income ratios. Having all required paperwork available is crucial as well. If a Lender asks for an explanation of a large counter deposit into a bank account, be ready to explain it and provide documentation about the source of the deposit."