Great time to buy right now and if you have the capitol --mortgage brokers and banks should be lining up to do business with you as most areas of the country are still in a record distress situation in ref to homes sold , loans generated .. etc...
Do your homework /legwork as a first time buyer you quallify for many programs and lower rates , preferred financing etc... make the real estate agent work for your business , tell them you want it all !!! as you will NEVER be a first time buyer again , take advantage of it !!!
A tactic I like to use , on any major purchase , (cars, boats , homes , etc.. ) is find the lowest price /deal on the transaction , get the offer in writing , then have fun going to different lenders and asking them to beat the offered deal (its not uncommon that the original lender will call you back promising to beat any deal out there at an even lower price as they all had to call him/her to validate the offer you are shopping around ) try it , it has worked well for me .
Remember now adays it is a matter of survival for lenders to deal with you --like no other time in history , the Buyer/investor holds the winning hand !!!
Congratulations to the both of you and good luck on the house shopping .