How to buy a condo
How I did it: My problem was not so much the down payment, as I had been sitting on an IRA rollover for 10 years waiting to buy a house, but my problem was that I had filed for bankruptcy and my credit was really bad. My other problem was I wasn't really sure I was ready to commit to the Phoenix area. A year ago, I contacted a lender and they advised me what I would need to do to get into a position to buy. I became very careful with my credit, and paid things off and disputed mistakes. Within a year, my credit score went up almost 100 points, and with the first time homebuyer credit, I decided to just go for it and see if I could qualify this time around. All that hard work paid off, and I am now the owner of a 1600 square foot townhome.
Lessons & tips: You really need to prepare for the unexpected - an almost impossible feat. It's also very difficult, but stay as emotionally detached as possible. Buying a home is one of the most emotional events of a person's lifetime, so it's like asking you not to breathe. But try to remember that emotional detachment will pay off through the bumps of attaining your first home.
Resources: I read a book - not sure of the title, by Nolo, Buying Your First Home or something similar. It was VERY helpful in explaining all the steps, what to expect, and how to proceed. I still made mistakes, but seriously - do your homework before you make the commitment to go through this. Being prepared with information will make it easier for your to navigate the process.
