Before Shopping For A Place, Check Financial Readiness

You might be ready to buy a home, but are you armed with the knowledge you need? Do you know about credit score requirements? Are you familiar with flexible standards on Federal Housing Administration loans?

Whether you are a first-time homebuyer or an experienced owner, buying a house requires a "preflight check," in the words of Barry Zigas, director of housing policy for the Consumer Federation of America. "It's a brave, new world with respect to credit requirements for mortgages," says John Ulzheimer, founder of 2StepCredit.com and formerly of FICO, which pioneered credit scoring.

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