I want to buy my first house. Where do I start? I would like a low or zero down loan, but should I wait to save up for a good down payment? Do I find the loan first, real estate agent, or house first?

It's difficult to get any loan with less than 3.5% down right now. You'll also need to budget for closing costs, roughly another 3%. If you are tight on money now and don't have cash reserves, you should first spend some time gathering data and a savings account.

FHA is the most likely program for you as a first-time buyer with little down. Contact Countrywide or another FHA approved lender first and find out what you need to do to prepare to qualify for a loan, and how much house you can afford to buy. Until you have the pieces together, there's no reason to contact an agent and fall in love with a house you can't afford. You can monitor prices online and drive by neighborhoods to get a feel for where you'd like to buy. When you have the appropriate funds and have a budget in place, then hire an agent when your finances are ready. You might find the house you want within days….or it may take months.

When I was a first-time buyer, I spent six to nine months watching the market (and seeing prices rise) while saving and getting the down payment together. It may take time but when you have your ducks in a row, then it's just a matter of finding a good house — then you don't have to stress over losing it because you're not ready to buy yet.