Amy, You might like to read through these as they have great information for first time buyers and lots of links to information.........http://www.hud.gov/buying/index.cfm
http://portal.hud.gov/portal/page?_pageid=73,1827624&_da…
http://www.fhaoutreach.gov/FHASelf/

Best of luck in your quest, Dunes

No dumb questions Amy, especially the one you ask. Your credit score should not be affected if you do what you should to begin a search for a home. Any quality Realtor should guide you to first go the lending institution of your choice, I recommend you choose a local bank you are famalier with, and have them check out what you are qualified to purchase. If you have a strong credit score, it will gain you very good mortgage rates at this time from a local bank that is looking for good strong credit worthy borrowers. As far as loosing money, you don't make a down payment when you make an offer that you loose. You have a choice of whether or not to offer earnest money with an offer, and that money should only be deposited in the listing companies account if the offer is accepted. Then you should only loose it if you do not meet your obligations of your offer. If loan approval is not granted, if the seller fails to fulfill their obligations, or if an inspection is overwhelming, etc. you are entitled to getting your earnest money back. AND YES, there are deals for 1st time home buyers, You now would get a 10% credit, over 2 years time, up to $8,000 that you do not have to pay back if you meet their terms. Any mortgage loan officer worth their salt and your business can explain this to you when you go to get pre-qualified to buy a home. Good luck in you search and you can see me @:

Amy
These are questions that your Realtor should be answering. Have you selected a Realtor to represent you? Normally the seller pays the sales commission, so from your perspective, the Realtor "works for free".

I recommend talking with a few REaltors, ask them questions, and find one that you think you can work with in a way that will help you get your answers. Some Realtors specialize in working with first time buyers.
Good luck.!

Hi Amy,

Per Bill - you will get your deposit back if they don't accept your offer. It is held in escrow for you. The initial deposit is usually $1000.

You can have multiple credit checks run inside a 14 day period - for the same purpose - and this counts as only one check. What isn't good is doing loads of checks for different purposes (credit card, car, mortgage, etc). That can drop your credit score.

There are definitely deals for first time home buyers. If you are eligible, and buy before Nov 30 2009 - there's $8000. There may be others you can use, depending on your circumstances.

If your credit needs some help, then work on getting it better fast. Don't rush off and cancel any cards - that actually hurts your credit. Make sure that you are never late for any payments: car, cards, etc.

Amy,

There are no dumb questions............

If you present an offer and it is not accepted by the seller you are entitled to a full refund.

If you repeatedly have your credit score checked, it can negatively effect it.

The present incentives are for first time buyers or people that have not owned a home for at least 3 full years.

Congratulations on beginning the journey of becoming a home owner.

Good luck