Are you a first time homebuyer who feels like you need to buy a home now or you might miss out on the opportunity to take advantage of tax credits and low-interest loans? Before you rush into a purchase that you can't afford, watch this video for advice from Carmen Wong Ulrich and find out if you're financially ready to take the plunge.
If you have a financial question you'd like Carmen to tackle, post it here in the comments or email us directly at email@example.com
Watch Carmen Wong Ulrich's 'On The Money' Weeknights at 10PM ET on CNBC! Find more information on coping with the economy with our Bail Yourself Out resources.