due to go in effect Jan. 2014
You'll need a clean credit history, and a good credit score.
You probably know that your FICO credit score can be used for everything from determining what interest rate you'll pay on your credit cards, to whether or not you qualify for financing on that new car loan. It should come as no surprise, then, that it's important to lenders, too.
"Going back to the 'Four Cs' of traditional lending, credit has always been considered," Hollensteiner says. "It is tremendously important, and it is a great indicator of how likely the borrower is to repay the obligation."
So it might be worth getting a hold of your credit report and doing whatever you can to improve your score. Pay your bills on time, every time. Dispute any errors on your report. A little effort now could pay dividends down the road when it's time to apply for your mortgage, that's how important your credit history is.
As Hollensteiner notes, "even in the dark ages of business, every lender - even if they didn't look at anything else - looked at credit report."
http://homes.yahoo.com/news/the-impact-of-dod...18507.html
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