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Tips to help you get a mortgage
STORY TOOLS 
More from LifestyleThe turmoil in the housing and the credit markets has led to lenders tightening their mortgage standards. But while it is harder to qualify, it is not impossible.
Peoplejam.com, an online self-help community offers these tips to help you your chances of qualifying:
n Check your credit reports. Examine reports from the three main reporting agencies. Equifax, Experian, and TransUnion. to make sure all information is correct. If you find incorrect information, report the discrepancy to all three agencies. Anything negative on the report can hurt you, even if it's incorrect.
n Boost your FICO score. Most mortgage lenders use the FICO score to determine a borrower's default risk. To improve your score, pay down debt, pay all credit accounts on time and keep open accounts with a zero balance.
n Put money aside for a down payment. Save at least a 5 percent to 10 percent down payment. Most lenders are more comfortable granting a mortgage with a large down payment. No-down-payment mortgages have virtually disappeared. To qualify for a Federal Housing Administration loan, you'll need 3 percent down.
n Get realistic about your budget. A mortgage payment should be no more than 25 percent of your monthly household income. This will ensure that you have adequate reserves to make your payments.
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