What practical steps can I take to improve my chances of getting a loan?

When you're thinking about buying a home, take a good look at your financial situation from the perspective of a loan officer. For a lender, not all debts are equal. 

• 28/36 Ratio
  In the past, lenders often said borrowers could not spend more than 28% of their gross monthly income on housing expenses, and their total debt payments could not exceed 36% of their income for a typical 10% down payment loan.
  
• More Flexible Guidelines
  Today, many lenders are more flexible and allow a greater percentage of monthly income to go toward mortgage payments. But they are more stringent on credit card balances. Lenders often count 5% of the balance as a borrower's monthly payment, instead of the credit card's minimum payment.
• Pay Off Strategies
  If you are planning to pay off some debts before read more....