Seeking advice for a first time home buyer...?

After years of renting, my husband and I are considering buying home once our lease is up in 6 mos. What are somethings we should be doing in the meantime? And what are some things we should look out for and/or be cautious of? ANY advise will be appreciated! Thanks!

You're smart to start this far ahead.

Number one: take a long, hard look at your finances. Have you saved for a down payment (minimum of 3%; preferably 10%)? Closing costs (another 2-3%)? How is your credit? If you have any issues, now is the time to clear them up. If you have credit card payments, pay those down as much as possible.

1) Lower your monthly expenses. This is not the time to buy a new car or get another loan of any kind. 2) Get a copy of your credit report from all three agencies. Clear up anything that is incorrect. 3) Pay off or down any loans or credit cards 4) Talk to a mortgage broker and have them tell you what you qualify for BEFORE you start looking. You don't want to fall in love with a house you can't afford. 5) Ask your mortgage broker and/or your bank for first-time homebuyer programs, as well as down-payment assistance programs. Look both for national and local programs. Some are city or county-based, and can be quite helpful. 6) Look for first-time homebuyer classes (some local programs require that you take this class prior to approval for financing). 7) Save, save, save. You will want to have a good nest egg. Owning is not like renting. If something breaks, you're responsible. Make sure you'll be OK even if you have to fix a few things during your first year. 8) HAVE A HOME INSPECTION DONE!!!! Absolutely know what you are getting into! 9) Ask the seller to include a home warranty (which will cover most major items in the home for at least a year). 10) Use a good Realtor, preferably one that is used to dealing with first-time homebuyers. Do not try to buy on your own. It does not cost you anything out of pocket, and they will help you no end in finding and walking you through the process. 11) Make sure you use a real estate attorney/closing agent that YOU pick. They will be on your side. 12) Do NOT give an earnest money deposit directly to the Seller. Make sure it's held in escrow with an attorney or a Realtor (depending on your state).

Whew! That's just a start! A good resource is HUD's website on buying a home. Read up, do the math, check your finances, and good luck!

Get out of debt.

Save up a cash emergency fund equal to 3 to 6 month's expeses.

Save up a down payment of 10% to 20%.

Save up 3% to 5% to cover your closing costs.

congratulations u should try and go thru freddy mac first time home owner program lower fixed rates with taxes bundled

also start lookin now cause can be long. We relocated in feb and purchased in may moved in June. Also unless ur goin for a condo ( which i did and like ) figure trash/snow removal landscaping costs. Have a through inspection and use realtor u feel good about our was also a minister :))

also clear debts at the closing i had to pay $400 er bill that was an insurance company screw up before could get it. Just stuff in arrears u can have credit card bills as long they are in good standing