Silent Hill: Homecoming Cheats & Tips

Save up every bullet you get. They will indeed be helpful when you are in a bind with no healing items.
Select your weapon as you see your enemy (if fighting is your intention), if not, run like hell using your dodge button.
For instance, a player should be more partial to using the knife against a Feral, a larger weapon for the larger enemy.
Identify the speed of an enemy, and decide which weapon would be best.
Use combos, and keep your finger on that dodge button.
If you use the dodge button in a fight, and an attack at once, your character will duck and slide out of your enemy's way, and strike them off guard.
Don't use your healing items unless your health falls below the halfway point.

Most enemies are attracted to the light, because they prey cannot see without light.
If you hear your radio going slightly, turn off your light if you cannot fight, or want to get to where you need to with haste.
If you have no choice but to fight, keep your light on anyway.