So what does it take to get an FHA home loan these days? What should you be doing now to increase your chances for success next year? Here's your checklist for securing a 2010 FHA loan.

1.Start saving money. The more money you can save between now and the day you apply for an FHA loan, the better off you'll be. You need cash reserves for two reasons. First of all, you will need to make a down payment of at least 3.5% when using FHA home loans. Secondly, you'll need cash to cover your closing cost. And then there's all of those moving expenses!

2.Get copies of your credit reports. You can get all three of your reports for free, once a year, by visiting AnnualCreditReport.com. This website is maintained by all three of the reporting bureaus (Experian, Equifax and TransUnion). And it's the only website regulated by the federal government. Skip the scams and go straight to the source by using this website!

3.Correct errors on your credit reports. According to a study I once read, the vast majority of consumer credit reports have errors on them. These can range in scale from harmless typos to negative account info that's not really yours. Serious errors can lower your credit score and hurt your chances for getting an FHA loan in 2010, so correct them early. Visit the website of the company that produced the erroneous report, and look for the "Disputes" section.

4.Check your FICO credit score. This is different from the reports we just talked about. Your FICO score is a number between 300 and 850, and it's based on the information contained within your credit reports. A higher number is better. With a high score, you'll have a much better chance of getting approved for a FHA home loan in 2010. You'll also qualify for a better interest rate.

5.Determine your budget. Many first-time home buyers start applying for mortgage loans before they have a monthly home-buying budget established. This is both backward and dangerous. Why? Because it's possible to get approved for an FHA loan that's too big for you. Let's call it a dirty little "secret" of the mortgage industry. Why do you think there were so many foreclosures over the last couple of years? Determine how much you can afford to spend each month toward a mortgage, and do it before you start applying for FHA home loans.

6.Use ARM loans with caution. An adjustable-rate mortgage (ARM) loan has an interest rate that will adjust or "reset" every few years. This can lead to a higher interest rate, and in some cases can increase the size of your mortgage payment significantly. This is another factor that fueled the housing crisis of 2008 - 2009. If you plan to stay in the home for more than 3 - 5 years, do yourself a favor and choose a fixed-rate mortgage loan. Avoid the ARM altogether.

7.Use FHA-approved lenders. The Federal Housing Administration does not make loans directly to the public. Instead, they insure the loans made by regular lenders in the private sector. So in order to apply for an FHA loan in 2010, you will need to go through an FHA-approved lender.