1) Figure out the most comfortable price range based on both your incomes;
2) Begin saving enough money to put at least 20% down;
3) Work on getting or maintaining good your credit scores for the next year.

The down-payment will vary depending on the bank but most are requiring between 15-20% down now. I am suggesting you begin saving for 20% down because I truly believe banks are going to face more trouble ahead and by the time you are ready to buy they may be requiring close to 20%. Better to be safe than sorry and if you are able to put less down when you are finally ready to buy you will have some extra cash to play with (perhaps for upgrades).

Good luck!

The best way to start is to first meet with a Banker or Mortgage Broker. This way you will have a good idea how you qualify for and what type of programs are out there for you which could save you thousands.

Second, write down the things you would like to have in a home and things that you need. Then go to Realtor.com and browse for homes that meet the price range and criteria to get a good idea of what is out there.

Finally, consult with at least 5 real estates agents so you will have a better understanding of how everything works and to find someone you feel comfortable with, trust and has experience.

FYI, the best to find agents is on the interent like Realtor.com, callin off of magazines or signs in the areas you like and can afford, visting open houses and by asking around for a good referral.

Hi Marisela,
You probably need to start with a pre-approval. Are you comfortable with how to do that ? Once you understand what mortgage amount is best for you then you can start looking for homes in that price range.
If you would like some direction with a mortgage company, it is usually best to get a referral or at least avoid shopping on line. If you would like some help, feel free to give me a call
Best wishes !
Deb
978-857-1475

Hi! Well it depends on what you are looking for ... a condo? a townhouse? a detached single family?

You don't have to answer here, but what is the combined income between you and your husband?

I will be one of the presenters at MIT this evening in a program specifically addressing the concerns of recent college grads. It's called "Backpack to Briefcase"

http://alum.mit.edu/students/GraduatingStudents/Backpack_to_…

Perhaps you'd like to drop by. It starts at 5:30p at the MIT Student Center.

You would need a pre-approval letter before going house hunting anyway, and many mortgage consultant/advisors would be able to give you an idea of what you can afford now and what you would need to afford more ... greer.swiston@commonmoves.com (781) 304-1048

I would always give the advice to try to put 20% down if you can ... but you can still buy a home with 3-5% down if you qualify for an FHA loan. Again, talk to a professional mortgage advisor.

Good luck!

Hi Marisela,
I think this is a great question and an excellent approach to home buying. Most importantly, you should get in touch with a reputable bank or mortgage lender. There is a program through the FHA (federal housing authority) where you can buy a home with as little as 3.5% down payment. A good mortgage lender will tell you, based on your income how much loan you qualify for. Best of Luck and save, save, save.