6 Must-Dos for Homebuyers

You're planning to buy a new home, but you’re not sure if it’s the right time, or if getting a mortgage can be easy. There are various rules of thumb that will help you get an idea of how much home you can afford. If you're using FHA financing, as almost one-fifth of buyers do, your home payment can't exceed 31% of your monthly income.

But, with some mitigating factors, FHA will let you go higher. Here is a six-item checklist, including tips on two types of savings you need, plus advice about what's more important than buying a house for its resale value.

Read the entire article here: http://money.msn.com/home-loans/6-must-dos-before-buying-a-home-bankrate.aspx