Preparing for a home purchase?

[jld]

I've been sitting on the sidelines for the last 5 years thinking about buying a house, watching the market, renting, and saving money.

Now that the market has started it's correction, I feel like the time for my home purchase is probably growing sooner, (sometime in the next year or two). My question is what are the best steps to prepare to buy a home. What's worth getting in order now so it doesn't have to be done later? What should I be thinking about?

Thanks!

John

[S-Crow]

1) Patience (which you already have established)
2) Prepare (get a more pinpoint financial snapshot of lending programs/qualifying standards for your buying power)
3) Flexible (ie, zero in on your zip code or area of choice, but be prepared to be flexible in considering an "out of primary area "superb property that may fall into your lap).
4) If feasible and part of your longer term financial plan, consider a 15 yr term (the rates are outstanding today.) In our office today (escrow office) I had a borrower who is closing a loan that will enjoy a 4.125% 15 yr term.