The smart way to get a mortgage in today's market is by being prepared to show the lenders your ability to pay. The easier deals of the last few years have been cancelled because the standards were criticized as being too lenient, but the standards in effect now are still similar to what they were in the 1990s. Prepare yourself before you even start looking for a mortgage. The first thing you should do is stop building up debt and start saving up money. Most of what you save should be used as a down payment. Banks do not want to give 100% financing when housing prices are falling, so you will need a down payment even with good credit. You should also get a free credit report from TransUnion, Experian, or Equifax. One thing you won't see on the free report is your FICO score. All three credit agencies charge you extra to tell you your FICO score, but you can estimate it at Money Central.