With the many programs that are available to you as a first time home buyer, you should have no problems finding the right program for your buying needs. Your mortgage professional will be able to go over different options and inform you how to get your home purchase done with no down payment and zero out of pocket expenses.

One thing to consider when purchasing your first home is all the extra expenses. The hidden cost of homeownership. When renting you often don't have to pay for garbage collection, water etc. These are just some of the hidden costs involved.

Many first time homebuyers purchase a home with a first and second mortgage. By doing this you can avoid mortgage insurance and you can purchase a home with no down payment. Your first mortgage will be 80% of the purchase price and the second mortgage will be 20% of the purchase price. The second mortgage will either be done as a home equity line of credit, a HELOC, or a second mortgage.

The payment on your new home has tax advantages. Your payment could be slightly higher tha your current rent payment, but, because of tax advantages, you could actually be saving a couple of hundred dollars a month.

You may want to consider Down Payment assistant program to help with down payment or closing costs when purchasing your first home. In addition to this you may ask for seller contribution of 3 - 6% for additional help. Your real estate agent can help you structure the contract.

Many first time home buyers that do have the additional savings for a down payment and closing cost choose to use 100% financing options and seller contributions so they can save those funds for things like new furniture, remodeling or painting, land scaping, etc. Don't forget that once you own the home you will want to make it your own with some personal touches.

Buying my first home - use a Broker? A mortgage broker is able to take your current financial and credit situation and find a bank that fits your needs instead of you the consumer wasting valuble time trying to meet the banks criteria.

A broker has access to hundreds of different programs from a variety of lenders. This enables the broker to match your specific needs much more closely than a direct lender with a limited set of products available.

When buying your first home you need to make sure you get pre-approved for a mortgage loan before you do anything. Getting a pre-approval first will let you know how much you can qualify for, what price range of a home to look for, how much down payment will be required, and your realtor will need to have this generally before they will allow you to put in a bid on a home. Your mortgage broker can be a great source of information to help you with your first home loan transaction also, and guide you through the process so that you feel comfortable and knowledgeable about what is going on.

Buying your first home can be a huge, confusing process. It is important to find both a mortgage professional and a real estate agent who will take the time to thouroughly answer your questions and address your concerns throughout the process. Doing so will greatly reduce your stress and improve your satisfation when the sale is complete.