By many accounts, now is a great time to be a first-time home buyer. Prices are lower than they have been in years and, like one iVillager, you might find a great deal on a house or condo. But, as Carmen Wong Ulrich explains in this video, if you don't have the three Cs—credit, collateral and capacity to pay—buying a house might not be the best financial move for you.
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.