It is important to sit down with a mortgage professional prior to shopping for homes. You will want to review your credit report with a professional and get pre-approved for a purchase. You will want to make sure you shop in the correct price range.

Even if you have been prequalified or preapproved in the past, you need to update the approval if it has been longer than 6 months, maybe even 3 months, even if nothing has changed about your credit. Loan programs, qualification guidelines and interest rates change constantly.

It is still possible for a first time home buyer to purchase a home with less money out of pocket than it takes to rent. If you have a lease that is expiring within the next few months, it makes sense to consult a mortgage professional to find out if you can get preapproved to buy a home.

The process of buying your first home can seem confusing and scary at first, but it is well worth it. An experienced mortgage professional can explain all the steps for you in detail.

If you are thinking about buying your first home, now is the best time. Rates are still very low and as noted above, there are a variety of different programs available to you. And what's best, most of the country is seeing home prices decline. It's a great market to get into.

FHA loan, MyCommunity Mortgages, and HomePossible mortgages are just a few programs that have been new homeowners obtain home financing. These programs can offer great rates that are much lower than subprime rates.