Four New Mortgage Need-to-Knows for First-Time Homebuyers

If you've been saving your pennies and primping your FICO score in hopes of getting into the housing market while the getting's good (i.e., while home prices and interest rates are low), it must seem like there's a "new rule" of the new, post-bubble market to learn every time you turn around.

And there is: mortgage guidelines, the rules of engagement around distressed properties and the decision rules for making a smart buy are changing at break-neck speed. It's a sign of the times, then, that we've uncovered at least four brand, spanking new need-to-knows for today's intrepid would-be homebuyers.