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I closed on our first house 3 weeks ago. Our mortgage broker set us up with a first time home buyer loan through US Bank. No down payment, no PMI, and a 5.95 interest rate. It helps that our FICO scores are in the upper 700s.
Being that I live in Denver, we could either buy a used home (fixer upper) or a small new home. We decided on the fixer upper. I have plenty to do but am much happier. We received a $$ credit on our closing costs for most of the items that need fixing. Our out of pocket was $1550.
My only advice is to find a mortgage broker that is located in your area. Our first mortgage broker was located in Atlanta. She approved us for $160,000. In Denver that will get you either a crappy house in a bad neighborhood or a condo/townhome. The local mortgage broker approved us for $185,000.
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