With low mortgage rates and a federal incentive for first-time homebuyers, you might be enticed to buy a place or refinance the one you're in.

But new regulations on brokers, appraisers and mortgage lenders have changed the rules for getting or refinancing a mortgage. Some rules went into effect this month, and others will kick in soon.

"Over the past year, getting a mortgage as a buyer or when refinancing has become more arduous and more expensive," said Dale Robyn Siegel, author of "The New Rules for Mortgages."

Here are a few tips, some accounting for fallout from the credit crisis.

Don't use a mortgage broker unless you need hand holding. In the past, brokers typically shopped your loan to multiple lenders, which was a big help. But new regulations have hamstrung their ability to efficiently shop for the best deal. Among them is a rule that lenders can't accept home appraisals commissioned by brokers. So, you'll have to pay for new appraisals with each lender, which costs time and money.

In the end, you're probably better off shopping for a mortgage by yourself, said Siegel, who owns a mortgage brokerage in White Plains, N.Y.

However, if you're very busy or need hand holding, it could be worth using a broker, she said. Just realize you'll pay a slightly higher interest rate because that's how the broker gets paid.

Shape up your credit. You barely needed to fog a mirror to get a mortgage or refi a few years ago. Today, it's different.

"Qualifying for a mortgage is the most difficult it has been in decades," said Dale Vermillion, author of "Navigating the Mortgage Maze."

Starting Nov. 1 or Dec. 12, depending on the type of loan, anybody with a credit score of less than 620 will have a very difficult time getting a mortgage. That's because government-backed mortgage financier Fannie Mae is tightening lending standards to the 620 benchmark, even for loans backed by a federal agency such as the Federal Housing Administration or Veterans Affairs.

To get the best rates -- and save money on monthly payments -- you'll need a score of about 720 and have a verifiable, steady income, Vermillion said.

So, take steps to raise your credit score. The scoring formula is complicated, and specifics are secret. But the best ways to raise your score are: pay bills on time and pay off debt. Less known are to never close an old credit card account and try to use a very small percentage of your available credit, regardless of whether you pay off your card balance every month. And check reports at Annualcreditreport.com.

Get a fixed-rate mortgage. The vast majority of buyers and refinancers are better off with a rate that won't change, Siegel and Vermillion agree.

"Why are you taking out an adjustable-rate mortgage that's going to change in five years when you can take out a 30-year fixed and never think about it again?" Siegel said.

With a primary residence, it's usually best to think long term, and that means a fixed-rate mortgage.

The Internal Revenue Service is examining more than 100,000 suspicious claims for the first-time home-buyer tax break, another sign of potential trouble for the soon-to-expire program.

The measure, adopted in February as part of the economic-stimulus bill, gives first-time buyers an $8,000 tax credit in an effort to boost sales and stimulate the moribund housing market. The program is set to end Nov. 30, but housing-industry leaders are lobbying Congress to extend it.

More than a million claims for the credit have been received so far, and housing-industry experts estimated that the credit has helped generate about 350,000 home sales that wouldn't otherwise have occurred. But some lawmakers and tax experts now say there is evidence that a significant number of the claims might prove to be unjustified, or even fraudulent.

"I am concerned about recent reports that there have been fraudulent schemes involving the credit," Rep. John Lewis (D., Ga.), chairman of a House Ways and Means oversight subcommittee, said in a statement. The subcommittee is planning a hearing on the problems on Thursday.

The IRS said it was investigating 167 "criminal schemes" involving the credit, according to the subcommittee. IRS officials on Monday declined to describe the suspected schemes or provide additional details.

At a recent hearing of a White House tax advisory panel, Bonnie Speedy, national director of AARP Tax-Aide, a volunteer service for low-income people, suggested that abuse of the home-purchase credit appeared to be widespread, in part because of relatively loose standards for claiming the credit.

The credit "has some fraud issues because it's not being done at the time of the sale," said Ms. Speedy. "People are filing for the home credit who don't have a right to file for it." Taxpayers don't have to file their claims as part of a real-estate transaction and instead can file or amend their income-tax returns to claim the credit.

An IRS spokesman said the agency "will vigorously pursue those who filed fraudulent claims" for the credit.

"The IRS recognizes that there is a potential for fraud whenever a new refundable tax credit … is put in place," agency spokesman Frank Keith said. "As we began implementing this credit in the days after the Recovery Act legislation was passed, we also identified the different  types of potential fraud, and matched our compliance program to those abuses."

A spokesman for the National Association of Realtors, Lucien Salvant, said, "Any time there is a lot of money around, there is going to be people attracted to it with evil intent."

Housing-industry officials recently have stepped up their lobbying for an extension of the credit. In a letter to the Obama administration on Monday, the National Association of Realtors, the National Association of Home Builders and the Mortgage Bankers Association called for a 12-month extension of the credit. They also asked that the tax break be extended to all home buyers -- not just first-time purchasers -- and noted that they were urging Congress to expand its value.

"Our fragile economy is just beginning to show signs of recovery," the letter says. "We should not jeopardize that recovery by letting this tax credit expire."

Mr. Salvant said the industry groups weren't suggesting any changes to the credit policy aimed at diminishing possible fraud.

The idea of extending, or expanding, home buyers' tax credit has been met with skepticism from some lawmakers, who cite the potential costs and impact on the surging federal budget deficits.

One proposal by Sen. Johnny Isakson (R., Ga.) and others to extend the credit and make it available to all home buyers through June 2010 carries a price tag of about $16.7 billion. That proposal would raise the income ceiling for eligible home buyers to $150,000 per year for an individual and $300,000 for a couple. Currently the credit phases out for individuals earning more than $75,000 and married couples earning more than $150,000.

Ted Gayer, an economist at the Brookings Institution, a liberal think tank based in Washington, estimated that the current credit costs the government about $43,000 for each additional home sale it generates, because most of the two million or so home buyers expected to claim the credit would have bought a house anyway. Expanding the credit to all home buyers would raise the government's cost per additional home sale to more than $250,000, he said.

Congress is considering proposals to greatly expand a soon-to-expire $8,000 tax credit for first-time homebuyers -- potentially applying it to all but the wealthiest homebuyers.

Supporters say doing so would further boost home sales, stabilize housing prices and generate jobs. Opponents say extending and expanding the credit would be a waste of money and only temporarily stave off further price declines.

The credit now can be claimed by anyone buying a home who has not owned one for three years and who closes the deal by Nov. 30.

Beyond extending that deadline, some lawmakers want to make the credit available to all homebuyers who meet income eligibility requirements. And some want to increase the amount of the credit from $8,000 to $15,000.

Currently the first-time home buyer credit is available in full to those buying their primary residence who make $75,000 or less ($150,000 for joint filers). A partial credit is available to those making between $75,000 and $95,000 ($150,000 to $170,000 for joint filers).

Through mid-September, 1.4 million tax returns had qualified for the credit, according to the IRS.

Some portion of those returns, which the IRS couldn't specify, represents buyers who took advantage of an earlier version of the tax credit, which was only worth $7,500 and has to be repaid over time.

By the end of November, the credit will have been used by 1.8 million homebuyers, at least 355,000 of whom would not have bought a house without the tax break, according to estimates by the National Association of Realtors.

Mark Zandi, chief economist of MoodysEconomy.com, favors extending the current credit until June 1, 2010, and making it available to all home buyers regardless of income or at least to everyone except those at the highest end of the income scale. He estimates the cost of doing so wouldn't exceed $30 billion over 10 years.

Zandi's reasoning: Foreclosures are expected to rise next year because of rising unemployment, and that will drag home prices down further. Extending and expanding the credit will help mute that decline. And by June, there's a chance the job market will have stabilized.

"The most fundamental argument for the credit is that nothing works in the economy if housing is falling -- it hurts household wealth and credit becomes tight," Zandi said. "[The credit] is a good insurance policy. It's vital to stem the housing price declines."

To kick start economic activity, Zandi believes lawmakers should set aside an amount of money for an extended credit and tell potential home buyers "first come first served."

The National Association of Home Builders would like the credit extended for all of 2010.

HOME buyers are not accustomed to getting much help with their mortgage financing; generally, they’re happy just to get a loan closed.

At least one group of borrowers, though, could get a break. Fannie Mae and Freddie Mac, the government-controlled companies that buy mortgages in bulk from lenders, are offering financing incentives for buyers of foreclosed homes that Fannie and Freddie own.

Home buyers have until Oct. 30 to apply to take advantage of Freddie Mac’s SmartBuy program, which began in July and offers up to 3.5 percent of a home’s sale price to help cover closing costs.

To qualify, the home must be a principal residence and must be chosen from Freddie Mac’s HomeSteps Web site for its foreclosed properties (homesteps.com/homeshoppers.htm). Loans must close by year’s end. The HomeSteps properties also include two-year warranties on major appliances and electrical, plumbing, air-conditioning and heating systems.

HomeSteps includes relatively few properties in New York City and the surrounding counties, however, in part because Freddie Mac accepts few loans greater than $417,000. Last week, for instance, the site had no homes in Manhattan and five in Westchester County, including a three-bedroom apartment in Yonkers and a four-bedroom home in South Salem, both listed for $300,000. (There were a few more homes in New Jersey and in Fairfield County, Connecticut.)

Nor does the Fannie Mae program, HomePath.com, have many foreclosed homes for sale in the greater New York region. A one-bedroom apartment on West 110th Street, selling for $378,000, was the site’s only Manhattan listing last week. (Thirteen homes were available in Nassau County, by contrast.)

The incentives for buyers in Fannie Mae’s ongoing program are even more aggressive than those offered by Freddie Mac.

Through participating lenders, Fannie will offer mortgages to buyers who make a down payment of 3 percent, and these buyers do not have to secure private mortgage insurance, or P.M.I., as they would when doing business with nearly any other lender.

A Fannie Mae spokeswoman, Amy Bonitatibus, said the company “already owns the risk” on the property. “So buyers can save a couple hundred dollars a month in insurance,” she said.

Fannie Mae will often offer closing cost assistance to buyers, so long as they negotiate for it. Unlike Freddie Mac’s, Fannie’s assistance level is not capped. Under the program, the average homeowner has received payments equivalent to 3.75 percent of the loan’s value.

Until June, Fannie Mae also offered to pay for home repairs during the borrower’s first six months in the property, up to $3,000. The company is considering whether to renew, or change, that program.

Also, in areas hit hardest by the economic downturn that have qualified for federal financing through the National Stabilization Program, which helps distressed communities, Fannie Mae may discount its foreclosed properties by up to 15 percent.

Most of Fannie Mae’s foreclosure incentives are offered to buyers who will use the property as their primary residence, or so-called public entities like Neighborhood Housing Services and other organizations that rehabilitate properties and sell them to owner-occupants.

Banks, meanwhile, have been leery of offering financing incentives on foreclosed homes. But Brad Geissen, the chief executive of Foreclosure.com, which, among other things, posts listings of foreclosed homes, said that in his discussions with banking executives, banks appear ready to offer similar programs.

“We’re starting to see banks loosen up on financing and consider a number of different incentive programs to move their inventory,” Mr. Geissen said. “I know a number of banks who are getting ready to release programs like this, between now and the end of the year.”

Regardless of where you live in the United States -- whether the desert, a riverless city, by a lake, on the coast, the Midwestern plains or atop a mountain -- your home is a flood risk. Everyone is at risk for flooding. Floods happen in all 50 states.

Who Needs Flood Insurance?

Since floods can happen to anybody just about anywhere, you probably should consider taking out a flood insurance policy. It's not expensive. If you live in a high-risk flood area and buy a home by taking out a loan backed by a federally insured mortgage, your lender will require that you buy flood insurance.

Where Can You Buy Flood Insurance?

If your community participates, you can purchase flood insurance from your insurance agent through the National Flood Insurance Program. The National Flood Insurance Program is backed by the U. S. government. Note that you can also assign an existing flood insurance policy to a new buyer; it is freely transferable.

Does Homeowner Insurance Cover Flooding?

Realize that your homeowner's insurance policy does not cover flooding. You will need a separate flood insurance policy. Your premiums will be much lower if the home has never had a flood claim.

Here are three ways you can find out if a home you want to buy has had a claim for flooding:

• Order a C.L.U.E. Report

  C.L.U.E. stands for Comprehensive Loss Underwriting Exchange. It will give you the five-year history of a home. Your insurance agent can obtain this report for you, you can buy a copy online or order it in conjunction with a natural hazard disclosure report. C.L.U.E. Reports cost about $20.

• Ask for Seller's Disclosure or TDS

  In many states, sellers are legally required to disclose previous property problems, and those disclosures include former flooding. Transfer Disclosure Statements (TDS) and Seller Property Questionnaire forms ask sellers to disclose that type of information.

• Get a Home Inspection

  A qualified home inspector can conduct a visual inspection of the home and look for signs of water damage or mold. Typically, contracts are contingent on a home inspection, which means buyers, if dissatisfied with the results of the inspection, have the right to demand the refund of an earnest money deposit and cancel the transaction.

You can also receive discounts if your area participates in the Community Rating System (CRS).

How Do Floods Happen?

Most people think that floods occur because of hurricanes or tropical storms, but those natural disasters are not the sole causes. Some areas can also flood due to rising river waters, flash flooding from heavy rainstorms or rapid snow melt. A flood, in layman terms, is any sudden accumulation of water or mud in area that ordinarily is not wet.

As we continue to cut down trees, build new subdivisions, pave parking lots and roadways, there is less natural soil available to absorb water. Moreover, some residential developments are built on top of wet lands because the land is cheap. If water has no place left to sink into the earth, it will cause a flood.

A heavy rain can easily dump a couple feet of water. In two feet of water, a car can float.

Assessing Your Risk for Flood Insurance

First, understand that if you live in a 100-year flood plain, it does not mean your chances of a flood are one in 100 years. It's a confusing term, but a 100-year flood plain assessment means you have a 1-in-100 chance of a flood in any given year, or a one percent chance each year.

Ask your insurance agent to look at the flood maps to determine if your home is located in a flood plain and, if so, find out what kind of flood plain and the level of risk.

How Much Does Flood Insurance Cost?

The question really is how much does it cost not to have flood insurance. One inch of water can do considerable damage and run into tens of thousands of dollars to fix.

• Coastal Policies

  If you live on the coast, the premium will be high. You can insure the building and its contents to a maximum of $250,000, without previous claims, for about $5,000 a year. Renter's coverage for contents only of $100,000 is about $2,200.

• High Risk Policies

  Without a previous claim, premiums are about $2,400 for $250,000 of coverage. Contents-only coverage of $100,000 is about $1,000. According to the government, in high-risk areas, 25% of the homes flood during the term of a 30-year mortgage.

• Preferred Risk Policies

  $250,000 of coverage, without a previous claim, will run you about $317 a year. Contents-only coverage of $100,000 is $196. However, if the home has had a previous flood claim, that premium for $250,000 jumps to $1,251 a year.

I ran a check of the White House. You may be relieved to know it is located in a moderate- to low-risk area. To find out the estimate for a premium on your property, go to flood risk online and enter your address.

Do not wait for a storm to approach before calling an insurance agent to get flood insurance. Most policies require a 30-day waiting period.

I thought I would share this movie with you.

"Buying a bank owned home is easy!"

Quick passage by the House last week of a bill extending the $8,000 home buyer tax credit next year for military, diplomatic and intelligence personnel serving overseas increases the odds that Congress will agree to an extension, maybe even an expansion, of the entire credit program well into 2010.

The White House is also signaling that it sees the overall tax credit program -- currently set to expire November 30 -- as an important element in cutting the unemployment rolls and stimulating new jobs next year.

After an economic policy strategy meeting last week in the Oval Office involving President Obama, House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid, congressional aides said Democrats generally support an extension of the housing credit.

Reid already has made clear he wants an extension. He is co-sponsoring a Senate bill that would do so for six months.

Congressman Charles Rangel, chairman of the tax-writing House Ways and Means Committee, sponsored the one-year extension of the credit for military and other personnel serving overseas, and is reported by aides as favoring an extension for the entire program.

The White House has not publicly committed to an extension, but has confirmed that the President is seriously examining that option.

An unexpected development that emerged following last week's White House meeting was the possibility of opening up the credit to a broader group of buyers next year - people who sell their current homes and buy a replacement home.

Though details were scanty, Capitol Hill sources said one option on the table would be to provide a tax credit -- most likely at the $8,000 level -- to replacement home buyers whose incomes do not exceed some limit.

The current credit phases out for single taxpayers with incomes above $75,000, and married purchasers earning $150,000.

A politically sensitive issue hovering over the entire debate on extending the housing tax credit is its cost - what it would add to the federal budgetary deficit. Mark Zandi, chief economist of Moody's Economy.com, estimates that widening the credit to all buyers through next August could cost the government upwards of $30 billion.

Rangel's 12-month extension of the credit for service personnel is estimated to cost more than $300 million, but it's mainly being paid for through an increase in penalties levied by the IRS on taxpayers who fail to file corporate or partnership returns.

The New York Times reported that one possible solution to the cost problem would be to divert money not yet spent out of 2009's $800 billion stimulus legislation.