If you are going to be a first time home buyer, you may want to check out Mass Housing. You can get a loan with as little as three percent down with a low end credit score. Educate yourself and click onto www.masshousing.com

First time homebuyers in the city that I live in, are very fortunate that they can get a 10,000 dollar no interest loan from the city, that would be paid back when you re-sell your home and come from the proceeds of the sale. This loan can be used for the down payment. Of course you need to qualify and stay within certain income guidelines.

The best tools for any first time home buyer is a great realtor and a great loan officer. Learn what you need to do and stick to the plan. Many lenders are raising their FICO requirements to 640 and tightening further on the guidelines so you really need to plan ahead to get a loan. Best advice I can give today is start a savings account immediately - if your rent is $700 a month and you want to take out a mortgage to end with a $1200 monthly payment - put $500 a month into the savings account. Savings history is an under-writers best friend.

That being said Mass Housing is a great program. Also check out homepath.com this is Fannie Mae forclosed properties and a single family owner occupied home can be purchased with as little as 3 percent down, no appraisal and no mortgage insurance!

great time to re-finance too. I just got a 30 year fixed with no points at 4.25%

If you have a conventional mortgage and are afraid you're upside down and cant refinance to take advantage of the rates you should check to see if you loan is backed by Fannie Mae. If it is you would be eligible for their Refi-plus program where it is very common to get a waiver for no appraisal and we could use a stated value. this has helped a ton of homeowners lower their rates.

Have an FHA Mortgage you can do an FHA streamlined refinace, minimal pain and closing costs usually amount to a new escrow deposit.

rates are still amazing and 4.25 percent; 0 points is still available, may be able to get lower with great credit on a conventional refinance