The first thing you need to do is speak to a loan officer and get pre-qualified and have your situation assessed by a professional. There are different programs out there that have guidelines that vary greatly with regards to income, assets, credit score, and location of your intention to purchase.
Yes, the seller's in this market are usually responsive to contributing to your closing costs but if the property it being sold by the bank they might not be so inclined to help. Some programs require you to attend a first time buyer class to qualify for assistance too.
Being a loan officer I just think it's much better and less stressful if you speak to the loan officer first, then pursue the home of your choice. Why go look at a home you can't afford to purchase? Don't waste your time or the Realtor's time, start with yourself first then move forward in the right direction from the beginning.
I hope this helps you with one of the most exciting moments of your life! Do it the right way and enjoy it even more! Good luck!
If you have a real estate agent ask him/her if they know about 'seller concessions' and if not then at least use a mortgage loan representative that does.
'Seller Concessions' are very common in today's real estate market and have always been utilized by first time home buyers.
I would also suggest that you look into securing a FHA mortgage rather than a conventional mortgage.
Long and Foster
All my best,
After you close, you'll likely qualify for a tax credit of up to $8,000, PLUS your normal mortgage interest tax breaks.
You need to find a real estate agent and ask for a referral to a lender and start working on this. YES, there are options for you. Are you looking for a home in Baltimore? I know a great agent there - email me and I will connect you (email@example.com)