Have you been thinking that you would like to buy your first home, but your scared of the current market, well the truth is this is the time to buy if you have the right stuff (meaning credit).  Loans are harder to get, but it also means that if you get one, you are more qualified then most people have been for the last decade. 

Here are some facts hat you need before you even start the process of looking.

Learn what the benefits of owning a home vs renting.  This really is a no brainer.  The tax benefits alone will make owning your own home more cost efficient then renting.  For most people the only financial future they have is in their home, this is a place where you will in most cases see your equity grow and give you a nice little nest egg.

Do you have the credit score that will help you get a loan?  The best way to qualify this is to go to a mortgage loan officer and talk with them.  The loan officer can help you decide what you can afford, if you can afford to buy now and even what you can do to improve your score or improve your ability by savings etc to get the home of your dream.

Through a loan officer you can get pre-qualified for a loan, but if you want the big guns working on your side when you go to make an offer on a home, get a pre-approval letter.  This is a statement that says that you will be loaned the money by the institution that you have been talking to and it will tell you exactly how much you can spend on a home and still live within your budget. 

Remember too that you are going to want to furnish that home and make it your own, so make sure that you keep some of your money back for that cute little sofa you saw down at the furniture store. 

And last but certainly not least find a Realtor in your area, that knows your market and that has your best interest at heart.