These days, getting a home mortgage isn’t as easy as it used to be. Tighter lending standards have made it more difficult to obtain financing for some borrowers. Here’s what you can do to prepare for a home purchase under the new lending guidelines. 

• Get copies of your credit report so you can clear up any inaccuracies. If your credit score isn’t near 700, postpone your home purchase to allow time to improve your credit score. 
• Understand the true cost of homeownership, which may include unexpected expenses, such as maintenance, decorating and utilities. When you review your household spending plan to determine how much you can afford in monthly mortgage payments, remember to factor in these added expenses. 
• Be prepared to make a down payment of at least 10 percent to 20 percent. Don’t jeopardize your budget or tap into any emergency funds, however. Wait to purchase until you can comfortably cover the down payment. 
• Be prepared to show a tax return as well as a pay stub to document your income. 
• Stick with conventional loans. Despite the turmoil in the subprime mortgage market, there are plenty of conventional mortgages available.