CLEVELAND -- Jeff Krup makes a living buying homes. In fact, he's bought 15 in four years. And for those of you thinking that's risky in today's economy, think again.

"The asking prices are 40 or 50 percent of what they were a year or two ago," he said. "In other words, it's a buyer's market. Consumers out there should really be flocking to a realtor."

Marty Garrity with Fifth Third said don't listen to the myth that you cannot get a loan. Although banks are lending smarter, they're still lending, especially to first time-home buyers. Just think smaller.

"Get into something you're gonna be able to get some equity in and use toward your dream home down the road," said Garrity.

And when it comes to how much home you can afford, remember the rule of thirds: your monthly payment (including taxes) should be no more than a third of your monthly income. And your total home price shouldn't be more than three times your annual income.

Garrity said, "You can get in a house still with as little as a 3&#189 percent down payment." And interest rates right now are 4&#189, to five and a half percent.

Uncle Sam is begging you to buy. The recent economic stimulus package involves an $8,000 tax credit for first-time home buyers. A couple, filing jointly can make up to $150,000 a year and still qualify. Only homes purchased on or after Jan. 1, 2009, and before Dec. 1, 2009, are eligible. Unlike last year's deal, you don't have to pay it back.

The U. S. Department of Housing and Urban Development is also shelling out cash, in Cuyahoga County. The "home" program can provide down payment assistance of up to $10,000. For more information, go to HUD's Web site.

And don't shy away from a cheaper home that needs a little work. You can get a loan for "after improved value" just like Krup did.

Before you step in the bank, be prepared: grab your pay stubs, W-2 forms and bank statements and make a list of your debts. That will help the bank determine what you can really afford.