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First-time homebuyers have lots of questions. That’s good. Before investing in what very well may be the biggest purchase of their life, it’s good they learn all they can.

Many answers can be found on the Internet. For example, the U.S. Department of Housing and Urban Development has a homes and communities website at www.hud.gov. The site provides answers to some of the common questions from first-time homebuyers. Here are some examples.

Q. Why should I buy instead of rent? A. Homeownership is about feeling good. It’s a source of pride and personal satisfaction. But there are practical reasons why ownership is a good idea. The cost of the mortgage loan can be deducted from federal income and state taxes (in states with an income tax). Interest will comprise most of the monthly payment for more than half the years a homebuyer pays on it, and the interest is deductible. Furthermore, property taxes paid by homeowners are deductible. Homeowners also may see the value of their homes increase as years go by.

Q. Can someone with bad credit or a small down payment become a homeowner? Yes, they do all the time. There are federal mortgage programs designed to help such persons. Many local governments have programs, too. Usually these can be found in the telephone book under community development within the city’s office listings.

Q. Can a single mother buy a home? Sure. It may be more challenging having only one income rather than two on which to qualify for a loan, but it can be done. Once she becomes familiar with the process, she should pick a good real estate broker and get pre-qualified for a loan. Again, there are federal and local homebuying programs that can help.

Q. Should a real estate broker be used? Using a real estate broker, particularly for first-time buyers, is a very good idea. There are lots of details — many of them financial — involved in homebuying. A good real estate professional guides the buyer through the process and makes the experience easier. A broker will find out what’s important to the buyer in terms of house, neighborhood and price and look for a home that best fits the criteria. Good brokers can offer advice on structuring the deal to save buyers money, different types of mortgages and answer any questions.

Q. How much money is needed initially? That depends. The cost of the home and the type of mortgage are two major factors in determining how much money the buyer must come up with. In general, there needs to be funds sufficient to cover the earnest money (the deposit made on the home when an offer is submitted), the down payment (a percentage of the cost of the home) and closing costs (costs associated with the paperwork). When an offer is made on a home, the real estate broker holds the earnest money in an escrow account. If the offer is accepted, the earnest money is applied to the down payment or closing costs. If the offer is rejected, the earnest money is returned. The more money that is put into the down payment, the lower the mortgage payments. Some types of loans require 10 to 20 percent of the purchase price as a down payment. But FHA loans require only 3 percent and sometimes less. Closing costs average 3 to 4 percent of the home’s price. The lender must provide an estimate of closing costs, so the buyer isn’t surprised at closing.