5 tips for the first-time homebuyer
Skip the starter house
First-time homebuyers understandably want to purchase their dream house, though most have to settle for something less than pure fantasyland, according to Greg Cook, a loan consultant at Guild Mortgage Co. in Temecula, Calif.
Still, brokers say fallen prices and low interest rates have empowered more buyers to skip the traditional small starter house in a less desirable neighborhood, and instead buy what used to be considered a trade-up house right out of the homeownership gate.
"The decline in property values has made some really nice houses very affordable," Cook says.