I have a credit score of 750 , and I would like to take advantage of the first time homebuyer credit. Is there any difference between going to a broker or directly to say Bank of America? Also, I've heard you can get a FHA loan and only put 2.5% down. What should my next step be before looking for properties? Thanks!

Give me a call if you have not found a lender to assist you yet. Gregorio Denny --WeFixrates.Com --

You are an excellent candidate for a conventional non-FHA loan with 5% down. If your funds are limited you can do FHA but guidelines require 3.5% of your own money down. That money can be a gift from a relative or family member however. The choice between Bank or Broker is more personal than logistical. Brokers will usually give you more personal service, ie come to your home, spend more time analyzing your situation where banks are usually just order takers. A good Mortgage Lender or Broker will usually have a greater selection of programs available to suit the "out of the ordinary" situation. It is virtually impossible for you to find "The best" program available because of the shear number of good lenders out there. Talk to a few lenders and find one you feel comfortable with and ask for a pre-approval. Good luck with your search. There is still time to get the credit so don'y make a hasty decision.

In answer to your followup, Rates will be at their lowest if you stick to a conforming program like the FHA 31/2% down or the conventional Fannie/Freddie 5% down. Once you stray into the more exotic offerings you will pay more in rate and closing costs.