Buying a first home has long been a rite of passage for most Americans. For many it seems an unattainable dream. Last year (June 2015 – June 2015) only 35% of all homes sold went to first time home buyers. This is the fourth lowest percentage in thirty-five years.
This doesn’t mean a first home buyer should assume he or she is going to be unable to purchase a first home. The first step is to get your finances in order. This means pay off any debts such as credit cards, or other debts as much as you can. This will be important when you apply for prequalification for a mortgage.
Once you have pre-qualified for a mortgage you will know what you have to work with. Then you can work on your wants and needs to have them fit within that mortgage limit.
This info from: “Homebuyers’ Walk Through: Buying a First Home” by Jean Folger
And Who’s Buying a first Home?” by Michael Kolomatsky