The mortgage industry has been tightening up but it’s still possible to get a loan. Here are some tips in order to still qualify to get a mortgage.

• Make sure you apply with a credible lender BEFORE you start shopping for a home. Make sure you give them all of the appropriate documentation up front.
• Before you consider purchasing a home, check your credit to see if there are any blemishes (i.e. collections, late payments etc). It may be something you can fix quickly to increase your credit score. 
• Your goal should be to try to have a credit score of 620 or higher.
• Save, Save, Save!  Beginning in January, the minimum down payment on a loan will be 3.5% for FHA and 5% for Conventional Fannie Mae or Freddie Mac

A Very Important Note:  Make sure you manage your bank accounts! One requirement is a printout of your bank statements. If there are any overdrafts or insufficient funds, this is a big negative. It shows a lender that you are not managing your finances.