Fannie Mae will require homeownership counseling for first-time buyers without solid credit histories or strong loan applications. This is expected to lower the risk of borrowers getting into trouble and ending up in foreclosure. Now, while sub-prime borrowers don't have to comply with Fannie Mae's requirements, why wouldn't you want to do something that could reduce your own risk of mortgage problems?

You can't just use any old counselor to make it good with Fannie--they have to be accredited. But even if you just do this for yourself, wouldn't you want a certified expert? You'll learn things like credit, budgeting for and selecting a home, and getting a mortgage. You also get a personalized evaluation of your financial position and readiness for homeownership, and an analysis of your credit history and current financial situation.

Even if you can't do it in person. you can get your counseling ove the phone or online. Click here to use Fannie's Find a Counselor" search tool, on its Web site. the information can help you make home ownership a success, whether you get a Fannie Mae, FHA, or subprime or alternative mortgage loan.

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