Reassurance for first-time homebuyers

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NEW YORK (CNNMoney.com) -- Question 1. I've heard one of the requirements [for Cash for Clunkers program] is that the trade-in vehicle must be no older than 25 years old. Is this true, and if so why, since the older the car is the more pollution it would make? I would sure appreciate an official list of all requirements. -- Manuel

This program, now called the Car Allowance Rebate System, was signed into law yesterday. And it is true that the trade-in car must be newer than 1984.

Experts say this rule was put into place because the government wanted to make sure the cars coming in were cars people were actually driving.

As far as the other requirements: To get a voucher worth $3500, the new car must get at least 4 more miles per gallon than the trade-in. If you want the full $4,500 voucher, the car you're buying should get at least 10 miles more per gallon. Your trade-in car must also be insured and in-use for at least a year. For more information go to Edmunds.com.

Question 2. I'll be closing on my house next week I just want to be prepared for what to look for when signing the documents. Are there some tips you have or suggestions as of what to really look for when signing on the closing date? -- A nervous first-time homebuyer

Be prepared for a long day.

Here are some things you should have beforehand: A HUD-1 settlement statement. This is a final list of closing costs. Compare it to your good-faith estimate you received when you completed your loan application.

Lender fees may add origination fees, lending fees and administrative fees. If these fees weren't on the good-faith estimate, but if they show up on the HUD-1 document, make sure you say something. If you see new fees have popped up, complain immediately.

You may also be hit up for gratuities or tips, but you are not under any obligation to dole out anything extra.

Question 3. I just graduated college and I am having a very hard time finding a job. I am thinking about going back to school for either another degree or a Masters Degree. What do you suggest? -- Clare

The bottom line here is that you shouldn't go back to school just because you're having trouble finding a job. Make sure the career path that you've chosen can support the student loan debt that you may be taking on.

Instead of going back to school, think about an internship or volunteering. It's a cheaper way of getting your foot in the door rather than adding another expensive diploma to your wall.

-- CNN's Jen Haley contributed to this article.