The answer to the question of whether to go to the bank first is the same as which came first, the chicken or the egg. There is really no wrong answer. Most REALTORS of course would love for you to come to them pre-approved but it is not necessay. When you find a REALTOR you like working with that listens to you and what you want, the pre-approval can be done then. As you think of questions during this process, I suggest you write them down and make a list. This way you won't forget one or two when you meet with agents or potential lenders. First Time Homebuyer loans look very good right now. With the credit information you supplied you should not havea problem in getting approved for a loan. The down payment amount is always a personal decision once you have met the requirments for the lender based on the loan type for which you apply. As an example, FHA is currently requiring 3.5% down payments on the regular loans. Most conventional loans are 5 or 10% down payment. You have the option to put more down based on your personal circuamstance.

Ask the Realtor to provide you with names of first time home buyers that they have dealt with in the last three years and ask them how they feel the agent did.

To add to what JR said,some agents who do a lot of transactions have assistants(non licensed) working for them & are not personally involved with their customers. You will probably be having most of your contact with an assistant,not the actual agent. A better guage is an agent who gets a lot of referrals and repeat customers. When people are happy with an agent they will send their friends and relatives & come back when they are ready to do the next transaction.

Same advice as Julie, but I wouldn't put a lot of weight on how many transactions an agent has done in the past year. It would be more a reflection on the market than the agent in many cases.

Terra,

If you were my child and I had to give you advice since I can't give brokerage advice outside out of my state under law, I would recommend you

1. Interview 3 buyer's agents who are Realtors
a. check the agent's references
b. find out how many transactions each agent has done in the last year
c. speak with their broker's to see how the organization they work in is run - does the person who leads
this company as a broker care enough to speak with you and support their agent

After you choose you buyer's agent, then the two of you decide what payment you can make within your budget and

2. Interview 3 lenders (even if you do this by email and phone) and get written good faith estimtes including all down payments, closing costs and prepapd items (and find out if seller can pay any of these items) on what they have to offer with payments within the budget that you have agreed upon

3. Take a first time home buyer's seminar from a non profit organization that is approved by HUD

4. Speak with your accountant about this purchase and any benefits it will have for you and make sure you meet the any requirements for deadlines to use the tax credit - only an accounting professional should do this - a Realtor is not an accountant.

5. Go online and do research on each person you consider using and their company - both the positive and negative will pop up.

Finding a Realtor and a lender that someone you know personally has used is one of the best ways I can think of to find a Realtor.

Terra
First time buyers are find lots of properties in affordale price ranges. I would suggest contacting a Realtor® first and they can review what you want. They can recommend a lender and it may even be the bank you currently deal with.
FHA is the loan program for first time home buyers in our area right now. You have to have a 3.5% down payment saved. You may not have to bring that much to closing because of the long tax prorations here in Southwest Ohio.
Also as a first time home buyer you should qualify for up to a 8000.00 bonus tax refund for the government.


Feel free to give me a call.
Jim Gordon PBD SRS
Sibcy Cline Realtors®
513-886-5250

Hold on, hold on!!! Terra, first if you use a Credit Union, or Bank you need to check with them and find out what kind of deal they can give you on financing. If you don't like what you hear, call a Realtor and get a referral to a mortgage person, get pre-qualified, and start looking!
Now is a great time, interest rates are low and the 8000 dollar tax incentive can help you.
You need at least 3 and one-half percent of the purchase price as a down payment for FHA, easiest way to go right now!
You will also need to have the mortgage person give you a good faith estimate, on the Closing Costs!