Oh yes...It's your time in the sun NOW first time homebuyers. Bask in your new found power and get out there and buy your house!
Reasonable sellers (even if it takes them several months to get to that point), the re-birth of seller's assist, and your prime position of having no home to sell make this a great time to buy. If you've been thinking about buying a home, I'd really suggest that you get serious about it now, especially if you need some help in the mortgage department.
We are starting to see a move towards old practice lending - you're going to need a reportable income, money down, and good credit to secure financing. If you need a no doc loan, or 100% financing, they can still be found, but the volatility of the mortgage market may make them more difficult to get in the future.
My suggestion: work with a responsible, seasoned mortgage lender (and I happen to have a great one - shoot me an email if you want his contact info) who will get you what you need without getting you into trouble and go shopping!
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