UW-Madison students and Madison residents interested in homebuying participated in a First-Time Homebuyers class Tuesday in Grainger Hall.

The event was co-sponsored by UW-Madison’s Students in Free Enterprise and Bank Mutual.

UW-Madison graduate student Michael Messner said he attended the event because he plans to purchase a house in San Diego after graduating in May.

“I’ve been to a presentation like this about three years ago but I don’t remember too much,” he said.

According to loan officer Chuck Buhr, one of the most important things to have when purchasing a home is a stable source of income. He said this can come from a job or another source that has been proven reliable over a 24-month period.

Buhr said that while it’s necessary to improve credit by paying off debt, it’s also important to not have excessive credit available. He urged listeners to close out unused credit, such as department store charge cards.

Buhr added it’s a common misconception that down payments are unaffordable, but said they can be as little as $500 to $1000.

Madison real estate agent Kevin Campos said the search for a home can’t only be done looking at tiny pictures on the Internet.

“I tell people to go drive around,” he said. “Prospective buyers should look at schools, churches or parks, depending on what they want in a neighborhood.”

However, Campos added first-time buyers should not expect to find their dream house right away.