Ah first time home buyers, they are as different as snowflakes...sorry about that, but I just met a very nice young lady that works for local caterer. I was picking up food they donated to feed the masses at the local public radio station during the fall pledge drive (www.louisvillepublicmedia.org) and mentioned that I was a realtor. That usually starts some sort of conversation about the housing market or the buying process. She said that she was just settling into a more financially stable lifestyle with the steady day job and thought it would be nice to own a home. When I inquired as to why she isn't currently pursuing that goal and she told me that she has tried to be financially responsible and never relied on credit. She always budgeted her money and lived with in her means. Although she's been financially responsible, she had become part of a group of potential borrowers that don't have bad credit they have no credit.
That is sometimes an issue, but there are lenders that think of no credit as good credit. There are other things lenders can look like leases and utilities. Just because you haven't had any credit cards or installment debt, don't just assume that nobody will give you a loan or a mortgage.
Just like in healthcare, when you get to a certain age your doctor may recommends that you have test done that gives him a baseline for your good health. If you have an issue he can test you again and the differences can assist him in diagnosis. Your financial health is similar. Find someone you trust, a banker at the branch you frequent, a mortgage professional or financial advisor. Let them look at your credit report and get a baseline of your financial health. From there they can advise you to work on certain aspects of your financial life to assist you in meeting the goal you have both near term and long term.
You may be ready and able to buy a home now and now is a great time if feel strong about your employment future and you don't have anything to sell first (first time home buyers). You could have great leverage in a buyers market and find a real value on that first home.
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