Where do I start with buying a new home?

I want to purchase a new home this year and take advantage of the Obama $ 8k give-away for new home buyers. I make 55-60k/year. school loan repayment 250/mo How do I search for only foreclosed/bank-owned homes for the lower prices? Should I use a real estate agent? When should I apply for a loan (apartment’s lease is up in December of this year)? What are some other pointers ya’ll can recommend for me? Thanks in advance for all your input.

Well, you need a 3 to 6 month emergency fund. then you need the down payment. I would recommend 20% to avoid PMI, but 10% would work too. Then, you need the closing costs. Don’t forget about a washer and dryer, lawnmower, increased utilities, etc. O’Bama trying to entice people into buying a house should not apply to you if you can’t afford one. That is a great incentive for anyone who was already planning to buy a house and who has their finances in order. It should NOT entice someone into buying a house just to get the money. Like his other plans, throwing money at this (my tax dollars no less) will not fix the problem.

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