thank you all so much for your very useful answers.

I agree with everyone below that you will want to interview at least a few Realtors as well as Mortgage Brokers and/or direct lenders. Many agents, myself included, offer a complimentary First Time Buyers Seminar that take place every other week, usually in their office. Alternatively, most Realtors will be happy to schedule a one on one appointment with you.

You've alrewady had the neccessary advice. You need a lender and Realtor. I'd start with the bank with which you do business to see what you qualify for and what programs they have. To find a Realtor ask you family and friends, go to open houses and chat with the agents. What you are looking for is an person that is knowledgable and you find easy to communicate with. Don't be afraid to ask tough questions and expect clear concise answers. Obviously you can look online for agents now and many of us you can see what we stand for and how we present ourselves. The most important aspect of the relationship with the lender is that they do what they say they will do. The most important aspect of the agent is that they can advise you, help you focus on your needs and then does what you tell them to do.

Hi Mike,
Interview realtors. Find a realtor from a respectable company. Once you find him or her get yourself qualified by your bank and or the $$ guy in the office you choose to work with. After you find out what you qualify for you can go shopping. Important to know what you qualify for,,, and what you are looking for in a house. Find a realtor who is patient and listens to you. He or she will help guide you through the entire process.

Hi Mike,

It's good that you are asking. You need to find a realtor you like who can then help you find an excellent mortgage broker and his/her bank contacts if you prefer dealing directly with a bank. I prefer mortgage brokers usually as they have their fingers on hundreds of loans and not just those at a bank.

Your realtor should give you a realtor's map as it breaks the city into districts and subdistricts which coincide with the SF Association of Realtors Multiple Listing Service. Many realtors, like me, have created First Time Buyers booklets which detail the whole selling process and can be used as reference books for you. Many realtors, me included, have websites http://(www.sallyrosenman.com) which you can use for MLS searches as well as links to sites which you can use to learn about the different areas, to the school district, and to the police department for crime stats, just to name a few.

You should interview a couple of agents just to make sure you get someone who understands your wants and needs. Most agents are more than willing to help first time buyers and we welcome your call.

Cheers,

Sally

Hi Mike,
Here in San Francisco I'd recommend talking with Bank of America since they have been able to close on loans in this challenging credit environment, and they have several special loans such as "neighborhood champions" for teachers, firefighters and the like. There are also county specific first time home buyer programs that will help you with a down payment, and our statewide CalHFA program that will offer down payment assistance.
A good Realtor will help to guide you through all this, it's a process to understand -- have some patience and take your time. Once you know how much home you feel comfortable with from a financial standpoint, then you can go out and shop for properties, which can be a lot of fun. Realtors have a number of resources, such as booklets, outlining the entire home buying process that will be helpful for you. Good luck!

Mike -

I agree with other posts that finding a lender and REALTOR that are willing to invest the time to help you investigate your options and the market. I find first time buyers need time to understand all the steps to purchasing as well as time to absorb all the information that we can throw at you. Sitting down and talking about neighborhoods, the market, different loan products is a huge plus before getting in the car and unlocking doors.

I also like to show different styles of homes and different neighborhoods because many times buyers are not aware of the many options here in the Bay Area. Lots of different architectural styles. Lots of different amenities. Lots of different micro-neighborhoods to choose from.

Even if you go get a recommendation from family or friends, I think it is good to talk to a couple of different loan agents and real estate agents. A big part of your decision will come from the gut feeling from how someone answers your questions and addresses your concerns.

Good luck!
CJ

You have received good advice. Whether you first find an agent or get pre qualified first does not matter. Finding an agent with whom you feel comfortable is likely the more arduous task though. But an agent may be able to point you to some mortgage loan officers who have served their clients well, saving you the need to shop in the blind. Though interchangeable, these are the first two things you should do.

You will find validation for this advice and answers to many another question on the HUD Web site at the following URL:

http://www.hud.gov/buying/comq.cfm

Good fortune.

Mike,

I would recommend you start by speaking to a loan officer, credit union or local bank. The first thing you need to do is get your financing in order. This way, you know how much house you can afford. You will feel comfortable that you have already been pre-qualified to purchase your new home and your Realtor will love you too.

Mike-

The best place to start as a 1st time home buyer is with a reputable lender. Ask friends, family or your agent for referrals. Once you have an idea of what type of loan you need, how much home you can afford, amount of payments you feel comfortable with, closing costs & down payment amounts, you will then be able to search for a home in the right price range. Also, once you have an actual approval from your lender, sellers view you as a stronger buyer and you are taken more seriously when you write an offer.

Good luck with your purchase!