Jennifer Chawla is only 23, but she’s already a homeowner. The first time buyer says the process of researching, finding and buying a home took a year and half.

“It was definitely a struggle, but it was definitely worth it,” says Chawla who took a class for first time homebuyers, did a lot of her own research and worked with many different realtors until she found the right one. “I realized they work for me,” she says.

All that looking and researching paid off. The India native and UCSD graduate looked at over 30 properties, until she found and purchased a San Diego metro condo where she’s been living since September.

“It was definitely a struggle, but it was definitely worth it.”

“This place when we walked in, I absolutely loved it,” she says of the foreclosure property, which she got for a great deal — $135,000 for the two bedroom condo.

The $8000 first time home buyer tax credit from the federal government helped motivate Chawla to close the deal before the November 30 deadline which now has been extended to April 2010.

“The secret is persistence and wanting it badly enough,” says Chawla who says she encourages other would-be homeowners to look at properties and consider buying. “It’s definitely a possibility. It happened for me, so it can happen for anybody.”

Housing Resources:
http://www.hud.gov/buying/comq.cfm
http://www.ftc.gov/bc/edu/pubs/consumer/alerts/zalt001.shtm
http://www.yourhome.ca.gov/using_mortgagebroker.pdf

SAFE Law
A new federal law called The Secure and Fair Enforcement for Mortgage Licensing Act, taking effect in 2010, “is designed to enhance consumer protection and reduce fraud,” says the California Department of Corporations.

Under the SAFE law, each state must adopt policies to set minimum licensing and registration standards for loan originators. California has responded with AB 34, SB 36 and SB 491 which ensure proper licensing or registration; criminal history and credit checks; and education and testing, among other actions to protect consumers.

Check a lender or real estate agent’s license.