For starters, if you are interested in buying a home, then you should contact a mortgage advisor and a real estate agent. Find out if you qualify for a loan and what the terms are. The fact that you know the owner has absolutely no baring on your ability to purchase the home. Generally speaking it is a good time to buy a home, especially as a first timer. There is a great tax benefit if you close before December 1st and there are some really good deals right now. But you have to be willing to do the research to make sure it's the right decision for you and will fit your long term goals. Like I said, speak to a local morgage broker and Realtor. Good luck!