Real estate for me is more like a calling rather than just a profession. The pleasure I get by handing first time buyers their keys is one of the biggest thrills of my life. I've had the pleasure this year of working with three families, who, through different circumstances never grew up in a home of their own. Either it was apartment living, mobile homes, or relatives homes that their families stayed in. There is no satisfaction greater than finding these people, and working with them to help their dreams become a reality.
First time homebuyers are often nervous or afraid of rejection when it comes to buying a home. Nervous because they might make a mistake and afraid of rejection because they are concerned no lender would want to touch them. I've had people with perfect credit walk into my office worried that they would never get approved for a loan.
The way to calm your nerves about making a mistake is simple. Choose a Realtor that you believe will work hard for you, not just the commission that the seller pays. Find one that will go out of their way to educate you about the process and negotiate hard for you. Go ahead and interview agents. Many years ago when I got into real estate a very wise person told me that you don't make money when you sell a home, but rather, when you buy it. This is how I would want your agent to negotiate for you, as if every penny counts.
The way to calm your fear of rejection on credit issues is to talk to your Realtor or financing source. I have a team of people that can help. Anything from credit cleansing to advising you how long to wait to avoid negative items on your credit and some unique programs that can lower the interest rate. Don't worry about no money down or any issues. Talk to a good financing source or a Realtor first and let them tell you what can be done. Saving for the perfect downpayment can set you back. If you save $2000 a year, but the average home price is rising 3% per year and you look at a $150K home, the next year that same house is worth $154,500 and you've saved $2000 towards the down payment. At that rate you can't afford to save.
Make 2007 the year you get into a house of your own!!!!