My wife and I are looking into buying a home. We are discussing home vs. co-op, I don't want the co-op I'm to worried about re-sale which I think will not exist.
Basically what are some good steps to start getting inline to buy a home. We would be first time home buyers.
I am looking for a generic list of things that should be accomplished/looked at before bothering with even looking for a home.
If any other information is needed just let me know.
EDIT More information was asked for in order to answer this can-o-worms.
State - New York
Income - I start a new Job on September 29th (I assume they are going to want two years of income from this job), so total household gross income will be about $110,000 (not much for long island)
Credit - Our scores need improvement where they are standing at 690 and 660, one of us has a bankruptcy that should be falling off in May of 2015 (I assume we should wait until this happens). Our credit is not bad per se, its just that we don't really use it, I know that is a problem.
Renovations - we are willing to do some moderate floor work, paint, wallpaper, new kitchen, bathrooms (fixtures, cabinets, flooring). We, well I am not willing to do foundation work or go to the studs.
I agree with the fixed rate mortgage because when we make the purchase I want that to be it, I am not looking to move in 5 or less so no need for a variable rate.