Here are some things you will want to do:

• Ask lots of questions
  Learn what questions to ask and where to ask them. Your list of questions when you are interviewing real estate agents will be different than those you ask when shopping for a lender.

• Prioritize your criteria
  Determine what you want and need in a new house and prioritize your list.

• Study a variety of mortgage choices
  Investigate the available loan options and decide which is best for you. You may want to interview several lenders to learn about the many mortgage products available.

• Get pre-approved before you house shop
  Get pre-approved for a loan before you start looking for a home so you know how much you can afford to pay. Once you are actively house hunting, lock in your interest rate – if it’s a good one. This will speed up the closing process.

• Work with your agent
  Work with your agent on a purchase offer when you decide on a home. You should ask your agent for a market analysis to find out what similar homes are currently selling for in your chosen area. You and your agent should tailor the sales contract to suit your needs. For example, you can make the sale contingent on a favorable home inspection report.

• What is a buyer’s agent?
  A buyer’s agent is retained by a buyer to look out for the buyer’s interests and to negotiate the best price from the buyer’s point of view. Just as the agent who lists the seller’s home owes the seller complete loyalty, the buyer’s agent owes the buyer the same degree of loyalty.

• Who pays the fee of the buyer’s agent?
  Sellers generally indicate on the listing agreement whether the seller is willing to pay the buyer’s agent. Most sellers choose to work with a broker who splits the commission with a buyer’s agent even though that agent does not represent the seller’s interests. This, of course, maximizes the number of potential buyers for the home. Because the listing broker is already prepared to share the commission with a seller’s agent who produces a buyer, most sellers don’t mind when their broker, instead, shares the commission with a buyer’s agent.

Some special considerations for the first-time homeowner who has resale in mind:

• Watch for growth potential
  Look for an established neighborhood that will be enhanced by future growth but not inconvenienced by it.

• Look out for resale value
  Seek a prime neighborhood where homes sell well in any market.

• Check out location
  Consider availability of all aspects of transportation; even those you may not use.

• Research Area Schools
  Check for quality public schools, whether or not you have school-age children.

• Go for the green
  Look carefully at the lot for trees and greenery to buffer winter winds or summer heat.

• Make room for visitors
  See if ample guest parking is available for you and your neighbors.

• Ponder privacy issues
  Consider how much privacy the home and lot provide.

• Drive the commute before you buy
  Check morning and afternoon drive time to work, schools, shopping, churches.

Cheer up. You’re not alone. With some solid real estate counseling and some help from lenders and/or sellers and others, you can not only get your toe in the door, but you can own the house too. It just takes some creativity, a few inside tips and a bit of homework.

For starters:

Examine your goals

How ironclad are your dreams? Can your ideal of a formal dining room or a hot tub on a redwood deck be postponed? Must you have a two-car garage? Lowering your expectations and starting out modestly (in decent housing that meets your needs) can lead to owning those dreams — in time.

Start saving

Get your priorities straight. Without taking all the fun out of life, what’s more important to you, weekends on the road and dinners out or stashing away at least part of your down payment? (Most lenders want to see that some of the money you invest is your own.)

Keep your credit record clean

When you go mortgage shopping, lenders will be looking over your payment records. Don’t let a late-payment habit rise to haunt you. (Reformed late-payers can request creditors to erase the blots on their records — for a small fee.)

Look for financial assistance

Your parents and other relatives may be able and willing to give you gifts that will get you over the down payment hurdle. (Loans from relatives will be counted as debts and will lower the amount of mortgage payments your lender will allow you to carry.)

Get some co-signers

Parents, relatives (and unrelated investors) can either co-sign a loan or share the ownership of your home. With shared ownership, you’ll be the resident but your co-investor may share specified expenses (plus tax advantages and equity accrual), and will share in your profit on sale.

Shop for mortgage loans

Qualifying for a mortgage can be managed in several ways to fit your down payment and monthly-payment abilities. FHA and VA loans come with low down payment requirements, and lenders offer ARMs (adjustable-rate mortgages) at initially low interest rates. (Look for an ARM that can be converted to a fixed rate should rates drop.)

Consider creative financing

Also, new-home builders and other sellers may offer buy-downs that lower your interest rate in the first few years of a mortgage, thereby making a home more affordable. Balloon loans (if they have at least a 7-year term) can often bridge gaps and give you time to accumulate equity and/or cash to pay them off. Home sellers can sometimes help you financially — with a lease-purchase arrangement or a take-back loan. Lenders and sellers are constantly creating new ways to help buyers buy homes. We can help you check them out.

Look at starter homes

Once freed of the vision of “instant dream home,” you can look for housing that will start you on the equity-building path to realizing your dream. Condominiums and townhouses are often much less expensive than detached houses and buying one now can serve well as a stepping stone.

Search for bargains

If you’re handy with tools, a fixer-upper home gives you the opportunity to buy inexpensively, fix up and, in a few years, trade up. And if you’re adventurous, auctioned properties in suitable neighborhoods can also be good values. If you don’t mind a longer commute to work, outlying areas frequently offer homes at lower prices than those found close to town.

Whatever route you choose toward buying your first home, be patient. It may take time to find the right combination of elements, but there is a home out there for you and a way to obtain it.