If you are a first time home buyer, here are some tips. Many people struggle with buying a house for the first time. These tips will help you get your first mortgage, buy your new home and become a homeowner for the first time.

1. Affordability: Find out how much you can afford to spend on a home. Online mortgage calculators can help you decide how much house you can afford. As a rule of thumb, many banks consider 28% to 33% of your monthly pre-tax income to be the maximum that a person should spend on a mortgage. You will have to meet a more stringent requirement if you don't have good credit.

2. Budget: Once you know how much you can afford to spend on your first home, double check your budget to make sure it is realistic. Add 20% to your mortgage payment to account for the other costs of owning a home. Homeownership means that you are your landlord, and you will have to pay to fix the roof or broken toilet. Also account for property taxes and homeowners insurance.

3. Estimate Costs: Estimate your homeownership costs. It is a good idea to take your prospective mortgage payment, add in an estimate for homeowner's insurance and property taxes, and add an additional 10-20% for home repairs. Then take this figure, subtract your current rent, and put the difference in savings each month to simulate the costs of owning your first home. If you come up short each month, consider spending less on your new home.

4.Down Payment: Save for a down payment on your first home. It is a good idea to put as large a down payment on your home as you can afford. Your down payment is your first equity in your first home. It means that you will have a lower mortgage payment, which will help your cash flow in months when you have unexpected expenses. In addition, a large down payment can help you obtain a better interest rate on your first mortgage.

5. Research: Check your local real estate market. What are homes selling for where you want to live? Zillow.com can give you a ballpark figure, but it is better to check actual real estate listings. MLS listings are available on a number of sites, such as http://www.realtor.com/.

6. Shop: Shop around for a mortgage. As a potential home buyer, you can get pre-approval for a mortgage even before you find your home. In fact, getting approved early can help you move more rapidly than other home buyers and may help you land your dream home. Getting approved early also removes uncertainty from the selling process, as the seller knows that you already have your bank's approval.

7. Downsides: Remember the downsides of homeownership too. While buying your first home is a great accomplishment, remember that homeowners have expenses and obligations that renters don't. Renters typically can walk away from an apartment owing less than one year's rent. A homeowner who is foreclosed on could end up with severe economic and credit report consequences. If you remember the pitfalls of homeownership when you are buying your first home, you stand an excellent chance of avoiding them.

8. Find that home: While a real estate agent is one source of information, an agent is far from the only source. You can search for your first home yourself by reviewing MLS listings on a site like realtor.com. And don't forget about other places where FSBO (for sale by owner) listings can be found, such as on craigslist or specialty FSBO websites for your city.

9. Real Estate Agents: Decide whether or not you want to hire a realtor. There are many ways to go about finding the right real estate agent for you: Ask friends, colleagues and work, and family members. Look for reviews of real estate agents online. When you’ve narrowed it down to a few candidates, interview them.

10. Enjoy the hunt: While buying your first home can be stressful, remember how much hard work you put in to be in a position to buy your home. Owning a home is the American dream; house hunting should be fun.