We bought our first home- a one bedroom condominium in 1999. My husband was a real estate appraiser-but quite suddenly and recently passed away. We contacted the Realtor, and then the process goes on from there. If you get a fixed rate, it is the best. I am in the process of getting a new mortgage since ours is an ADJUSTABLE rate-it has gone up over the years. I can’t handle that being on a fixed income and permanently disabled! You have to put down at least 10% of the going value of the home, also show recent wages that you earn or have earned if you are retired. Here it is about 5.12%. The one we have or will have had is 8.5%! Also if you buy a condominium like we did-find how much it would cost you to pay the maintence fees that occur every month.I think you can have a cosigner-I don’t know for sure though. We were lucky enough since my husband was a licensed real estate appraiser to have access to the Multiple Listing Services and found where we wanted to live very easily. For you though, I would find a realtor that you know that you can trust and will tell you EVERYTHING you need to buy your fist home. You can also contact a bank-better yet go to the bank and speak with a person that specializes in loans for a home.

Step 1 is to speak with a mortgage lender to see how much you can afford and at what rates. Try Countrywide who has a wide variety of loan programs. Rates for good credit and some down payment are around 6%. Co-signers are OK. Step 2: After you find out how much you can qualify for, contact a realtor to assist you in finding the right property based on your criteria.

Good credit is most important. A FICO score of 680 or high with at least 3% downpayment will generally get you a decent rate. You can still get a loan with a lower score but it will be at a worse rate. Generally a lender will look at your last 2 years of employment history but depending on circumstances they may go back further. For current average rate I would look at bankrate.com. You can have a cosigner but they will be just as much of an own of the home as you are so make sure it is someone you trust. Who you contact first depends on how soon you are looking to buy. If you are looking in the next few months, go to a Realtor first they will help you find a lender. If it will be longer, talk to a mortgage broker, they will help you prepare you finances to put you in a better position to get a good loan (even if you don’t want to use a broker, talk to one in the beginning, they have more options open then any one bank will.)

As far as going By Owner, remember they are doing that to save themselves some money, they are not likely to pass the savings on to you. In most cases a Realtors commission comes out of the sellers proceeds. Some will say that you are paying that as a buyer, but in most cases you pay it anyway, it just goes into the seller’s pocket.

GOOD CREDIT! SHOP AROUND AND FIND PEOPLE THAT ARE IN TROUBLE AND WANT TO SELL QUICK….. YOU GET GET A BETTER PRICE FOR THE HOUSE IF YOU GO BUY OWNER AND THEY DO NOT HAVE TO PAY REALTOR COST!