I recently read and article in the Orlando Slantinel. Oh I am sorry I mean sentinel. But most of it made sense and I think will help many first time home buyers in the Orlando area.

Q: I hear no one is getting approved for home loans these days.

A: Home loans are being made every day, even to first-time buyers. Yes, lenders have raised the bar during the past year, but not that high. After all, they make money lending money, and a small army of private corporations and public agencies works full time at selling homes or promoting the benefits of homeownership.

Q: But my credit history is not so good. Do I have to keep renting forever?

A: Renting is a good option for many people. But for those who expect to stay in one location for at least a few years and want to try to build some financial equity, weak credit is not an insurmountable barrier.

Mitchell Harlee, 39, recently became a first-time homeowner in Orange County, fulfilling a lifelong dream despite some past bill-payment problems. "I had credit issues," he said. A single father raising two daughters, Harlee improved his credit score by working closely with an agent who specializes in first-time buyers. "I didn't have to put a penny down," he said, because he qualified for an Orange County down-payment-assistance program that his agent told him about. "I couldn't have done it without the help," Harlee said.

Q: What kind of credit score do you need to qualify for a mortgage? Isn't it really high now?

A: A couple of years ago, buyers with credit scores as low as 500 could still get a home loan, under some circumstances. Now the minimum is more like 560. But that's still not a tough score to reach, credit experts say, if you make an effort to pay bills on time, clean up your credit record and control your debt load. To qualify for down-payment-assistance programs such as those run by various local counties and cities, credit scores typically have to be 630 or better -- still in the moderate range.

Q: Housing prices still seem over the top to me. Aren't homes unaffordable except for the wealthy?

A. The good news is affordability is starting to make a comeback. At the peak of the market frenzy in July 2006, the typical first-time buyer in Central Florida was earning only 59 percent of the annual income needed to qualify for the median-priced starter home, which sold at that time for $216,655, according to Orlando Regional Realtor Association records. Since then, the median price for a starter home has dropped to $179,350, as of April, and the typical first-time buyer now earns 77 percent of the annual income needed to buy such a home (assuming a 10 percent down payment). Also, mortgage rates in mid-2006 averaged about 6.4 percent for a fixed, 30-year loan. Now the average fixed rate is 5.77 percent.

Q: What if I don't have a 10 percent down payment?

A: Loans insured by the Federal Housing Administration are making a comeback, and those loans typically require only 3 percent down. FHA-insured loans, made through regular lenders, these loans have been around for years, but they were overshadowed during the housing frenzy, when buyers could get higher-interest subprime loans with little or no money down and little or no income documentation.

Q: What about new homes?

A: There are so many out there, sitting empty, that builders are cutting deals and even paying Realtors to help move the inventory. Mary Gibson recently became a first-time owner in DeLand by buying a new house from a builder's inventory in a deal she found with Williams' help. Gibson applied to the Volusia County first-time homebuyer program, which uses state money to help qualifying buyers with their down payments.

"Plus, the builder actually brought $14,000 to the table," said Williams, an agent in the Deltona area since 1987. "That doesn't happen often, but the builder wanted to get this out of the inventory. There's a lot of inventory out there," he noted, which gives buyers added leverage when negotiating.

Q: Where can I go for free advice and information?

A: Right here. I have aligned myself with lenders that work closes with Orange and Seminole county Ship employees and specializing in working with first home buyers. Plus I am skilled in helping first time home buyers in the Orlando area with understanding the purchasing process and showing how simple it can be to own. I have found many buyers their dream homes and made deals happen when most agents didnt want to help. There are many programs still available and with the inventory right now. There is a home for every taste and budget out there.