As I mentioned in my first post, my husband and I are recent first time home buyers. Being only a year and a half out of college, we feel extemely fortunate to be in the position to own our own home and have learned (and are still learning!) a lot about the whole home buying process.
First things first. Before you even start looking, get your finances in line. Talk to a mortgage lender and find out how much money you can get in a loan. The size of your loan will help you decide how much you can spend on a home and will give you an idea of what your monthly mortgage payments will be. The size of your loan depends on many factors, so don't be discouraged if your credit is not perfect or you don't have a lot of money in savings. There are numerous different types of loans for all different situations. As I mentioned before, my husband and I are fresh out of college with new jobs and never thought we could afford a house right now. But, our mortgage lender helped us find the best loan for us and now we have an investment we can continually build equity into.
It's important to know how much house you can afford and helps narrow down your search when it comes time to start looking.