For your convenience I have collected some basic information that can be helpful if you are thinking of buying your first home:

• First and the most important is that you get pre-qualified for a loan. Here are three reasons:
1) so you do not spend time looking at homes that are out of your price range;
2) that you know early enough what your expenses will be;
3) in case that you find inaccuracies on your credit report you will have plenty of time to remove them (and receive a lower rate).

• Find out if you qualify for the first-time home buyer’s incentives. The U.S. Department of Housing and Urban Development as well as Federal Housing Administration (FHA) and US Department of Veteran Affairs (VA) have programs for first time buyers.

• Choose the neighborhood that you are comfortable with. You can fix a house, but not a neighborhood.

• Make sure that all of your house related costs like taxes, HOA or MeloRoose fees, insurance, repairs and utilities are planned and within your budget.

• Have the house inspected and carefully review the report. Some of the things need to be fixed, but some you can use as leverage in your price negotiation.

• Pay a special attention to your Good Faith Estimates (GFE). Make sure that you carefully review this statement because you will find many small fees and they do add up quickly. Do NOT learn about these fees in the escrow office.

• Instead of asking for a lower price find out if seller is offering any incentives. Some of them (like buy-down credit) can be a better solution for both sides.