With interest rates still low and reasonable, it is a great time to buy your first home. If you don't think you can afford a home of your own, think again. Now is the perfect time to invest in yourself, no longer padding the pocket of your landlord (as nice as he may be). With a number of government assistance programs available, owning your first home is easier than you think.

Learn the Facts

One of the first steps will be to contact a mortgage broker to get pre-qualified for a home loan. One of the determining factors regarding the size of the loan and the interest rate you qualify for is your credit rating and score. Recent legislation was passed to ensure that every American is entitled to two free credit reports per year. If you are already aware of an inaccuracy on your credit report, try to get it remedied before applying for your mortgage.

Another great resource are the home buyer clinics currently being held at the San Diego City Libraries. These workshops will help you learn about the home buying process. Some library branches offer the seminars in Spanish and Vietnamese, as well as English, making the resource accessible to a large percentage of San Diego residents. These clinics are very informative, giving individuals first hand knowledge of what to expect once they have found the home of their dreams.

Thanks to Internet technology, there is also a limitless number of home buying resources online. You can save yourself a lot of time and heartache by taking a moment to realistically determine how much of a mortgage you can afford. There are many zero down loans available to first-time home buyers, but be aware that you will likely be required to pay Private Mortgage Insurance, since this is requirement when you are unable to put 20 percent or more down on your home loan. As a result, your payment may be a bit higher than what you were originally anticipating. That said, the pride of ownership and the tax-deductible interest that comes with having a mortgage might prove to be enough of a benefit to put an end to your renter-lifestyle.