The days of $0 down are gone and you may find that you need to put as much as 15% down to buy a house in the hardest-hit states including Arizona, California, Colorado, Florida, Michigan, New Jersey and New York. That's true even if you have an excellent credit rating. The Wall Street Journal reports today that lenders are tightening mortgage lending rules in locations where home prices are declining or there are a lot of foreclosures.

Lender's rules do vary, so if you are required to put down more than 10% by one lender, you may be able to find another lender with different loan guidelines. But, you likely won't find a lender that will accept less than 10% down in the hardest hit states. The Journal reports that JPMorgan Chase (NYSE: JPM), Citigroup (NYSE: C) and Wells Fargo (NYSE: WFC) cut the maximum amount borrowers can finance to 85% of the house's appraised value. Bank of America (NYSE: BAC) is getting stricter with home appraisals, especially in markets where prices are falling. SunTrust (NYSE: STI) has a list of about 50 metro areas in 16 states and Washington, D.C. that it has designated as "declining markets." Appraisers in declining markets must indicate how they factored in the decline in their valuation.

Unfortunately for all home owners who need to sell, these tighter lending requirements will make it harder for them to find a buyer who can qualify for a loan and will tend to drive prices even lower. People looking to buy should continue to shop for mortgages even if one lender says "no." Just because one lender doesn't want to take the risk, it doesn't mean you can't find one that will. But, do expect to need about 10% down if you are looking to buy in a declining market area. You're best bet is to prequalify with a lender even before you go out to look for a house. That way you know how much you can borrow and how much you'll need to put down.

Lita Epstein is an author whose written more than 20 books including the "Complete Idiot's Guide to Improving Your Credit Score" due out in December.