According to Forbes.com 10 things first time homeowners need to consider are:

Monthly costs: Mortgage, taxes, insurance and regular fix-up costs

Tax Credit: Keep your eye’s open for a possible extension on the first home buyer tax credit if you were not lucky enough to take advantage already

Getting a Government-Backed Loan: Mortgages by the Federal Housing Administration are becoming harder to receive. Buyers with a credit score of 580 or less are now required to put a 10% down payment.

Avoid Family-Assistance Tax Traps : Structuring parental assistance as a bona fide loan with minimum interest rates set by the IRS. (Nolo.com)

Consider buying a foreclosure: Phoenix, Las Vegas & Central Florida have the best foreclosure markets.

Factor in property taxes: research the specific county that you are looking to buy in, some can be very costly in property taxes!

Shop around for Title Insurance

Consider High-Deductible Home Insurance: Consider lowering your homeowners’ insurance premium by raising the deductible.

Cut Insurance Cost By Upgrading: Security systems and smoke alarms are both upgrades that can cut your insurance premiums.