There are some pretty good resources out there for first time homebuyers. The city of San Antonio actually offers a HomeOwner Incentive. You can read more about that at their website: http://www.sanantonio.gov/nad/LendDiv/DownPayment/homeownerp
Also, you might want to talk to a lender who deals with first time homebuyers. I was talking to a lender recently who explained a few programs for first time homebuyers, teachers, and other groups. Her name is Windy Minten, and her website is: http://www.windyminten.com
You might be able to give her a call--she's been doing this for over 30 years, so she knows what is out there, and who can qualify.
What an exciting step for you and your fiance! I recommend calling a Bank of America loan officer and asking about their "Acorn" program for 1st time buyers. If you need the name of one, let me know.
Other than the usual find a great Reatlor to represent you (which we can go into details ot the benefits if you'd like); here is a great thread about first time home buyers loan - Despite what the paper said, there are still GREAT programs for first time homeowners (or even not first time owners - such as Jumbo Loan)
I have to qualify my answer in that thread that the Jumbo rate as specified does not exist anymore, but there are other options which make it attractive to home buyers.
Other than loan programs for first time owners, some title companies give breaks to first time owners also. There are also low cost housing at different areas, which can be specific to you location.
You might want to look into the Nehemiah Program as well. There are lots of things a good mortgage broker or lender could help you out with. I know that sometimes taking that plunge into calling a mortgage broker can be a bit nerve wracking, but here's my advice to you on that... a) find a lender that comes recommended to you by someone (whether friend, family, real estate professional, etc.) and b) try and remember that these people, are here to help you out. Mortgages can be a bit scary when they start throwing numbers around and terms that you may not be familiar with, remember to ask questions and don't be afraid to be honest and say exactly what you're not understanding or what you want explained more in depth. If someone doesn't want to take that time to explain things, find another broker or lender. A good professional one should be more than willing to make it all seem easy to you and make you a better educated consumer at the end of the day. I know mine did when I bought my first house and every mortgage broker I've used since then has had to live to that standard. Check the web reference below for a link to the Nehemiah Program and good luck in your search. Much like others on the site, I'd be more than happy to help you in your search or just to answer some questions, so feel free to contact me if anything pops into your head. Good luck in your search, it can be some crazy times, but when its all said and done, house buying is one of the most enjoyable experiences I've ever had.
There are a lots of first home buyers offered by the county and city where you are living. Please check with the HUD office or the city's office so yu can get the excat information with the guidline for income limitation as well as available programs where you want to buy. You can search for FHA loans online and they will provide you the listing of qualified lenders who can give you the right answers to meet your needs. ACORN is an ecxcellent program byy Bank of America. You can checl Wachovia bank too they have offered a grant of 25000k for downpayment. I am working with lenders from CALFHA in California. Since you are in Texas, there are different programs for first time home buyers. This is the best time to apply for it since the fund started around October. I am not sure about the dateline in Texas. However, you need to apply and you are also required to attend the workshop to get the certificate for you to be eligible to apply for the loan. Some times they offer grant too so you don't have to pay back. Most of the time the loan is offerred from 30 to 40 years fixed and mixed that mean 5years of interst only and the rest is fixed. After the loan approved , you can start to select the house you like and tell your lender to submit the loan for funding. The process is faster now so you don't have to wait long for the loan to fund. Good luck. I hope my answer will help you in the search of financing help.
As for your question, I don't think anyone here could give you an absolutely GREAT answer, because you procuring a mortgage can be completely case-specifc. For example: are you looking for no Down Payment loans, Flat fixed 30 yrs, Down payment assistance, 80/20 loans to avoid PMI? Several questions come to mind... not even including what your DTI (debt to income ratio) is along with FICO's are.
To be most helpful.... you will need to find a REALTOR that is extremely STRONG in Mortgage knowledge and then only find a highly reputable Mortgage Broker or Officer that you can TRUST and SEE and HEAR IN PERSON!!!! This is HUGE!! Some other agents here recommended a large CAP bank... be very aware that when you are just a number to these banks and the ONLY recourse to getting things done right is by caling 1-800 number... then you MUST strongly think about it before going through with it!
Personally... if I'm working with a mortgage officer and giving him the power to put me into a loan that is quite possibly one of the LARGEST financial decisions in my life..... I WANT TO KNOW.... that if things start to go wrong (delayed paperwork, wrong rate quoted, last minute point additions...etc.) I want to be able to personally go to that person and be able to put my hands around his/her neck!!! That way they they just can't run and hide all while leaving you stuck w/ a BAD loan!
Hope that helps!