Mortgage tricks revealed

Qualifying for a mortgage is not as easy as it once was, with lenders scrutinizing applicants' credit history, employment history and other financial markers before granting access to a home loan. But there is plenty of mortgage money available to those who qualify, and it is up to the consumer to strengthen their financial standing to acquire a home loan.

The Boston Globe reported buyers must show lenders they have a reliable stream of income, a steady job, a solid credit history and any acquired debt under control. There must also be cash funds available to the borrower for the down payment, which is hovering around 20 percent of the home value. The funds being used for the down payment must be verified by the lender, and borrowers should prove there are cash reserves in case of an emergency.

Further, lenders have established guidelines and requirements properties must meet in order for a loan to be acquired, and the home must be habitable unless the buyer plans to fix it up themselves. Most lenders will have the property appraised to make sure the borrower is paying what the house is worth, the source reported.

As home prices decline and mortgage rates remain low, it is a buyer's market. The National Association of Home Builders recently added 20 new metro areas to the list of improving housing markets for December, including Ann Arbor, Michigan; Boulder, Colorado; and Grand Forks, North Dakota.

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