Our actual home loan went very easy for us. Me being 24 with good credit, and my wife 21 which ddin't have much credit at all. Went with a local bank at a fixed rate for 30 years and put down 20% to avoid PMI.

Don't buy a brand new home without a yard.... You have no idea how much it costs to put a yard in. It's insane.

Congrats...Get title insurance, and an inspection! Make sure you don't get hosed by your mortgage broker, and remember every professional along the way is trying to get a commission, so choose wisely.

From experience:
1) Be ready to make an offer by having a reputable institution approve for a loan in your price range.
2) If you are going to get a loan using a product like a interest only arm, make sure that you borrow only what you can afford if the interest rate happens to sky rocket.
3) Inspection, inspection, inspection .... Negotiate the price down if you feel the repairs are worth your time and money.
4) Have a down payment ready. Some sellers feel better about going into escrow with you if you got your shit together.
5) Make sure that your credit score is above 680, so that can get the best interest rate. (Getting your credit score above 700 is a whole other thread)
Good luck

If the down is going to a hardship to you. Dont worry to much of the PMI you can always refy, if the market is good, and get that pmi removed if your house appriciates well.

Great thread.

If buying a condo, townhouse make sure to read the minutes.