9 Steps to Buying a Home

Nine Steps to Buying a Home

1.  Figure out how much you can afford

• How much home can you afford?
• Buying vs. Renting
• Home Economics
• Homebuying programs in your state
• Find a housing counselor near you

2.  Know your rights

• Fair Housing: Equal Opportunity for All
• Real Estate Settlement Procedures Act (RESPA)
• Borrower's rights
• Predatory lending

3.  Shop for a loan

• Looking for the best mortgage: shop, compare & negotiate
• Let FHA help you
• Why ask for an FHA Loan?
• Learn about interest only loans
• Avoid Predatory Lenders

4.  Learn about homebuying programs

• Homebuying programs in your state
• Let FHA help you
• HUD's special homebuying programs
• Good Neighbor Next Door
• Hurricane Evacuees discounted sales
• Homeownership for public housing residents
• Indian Home Loan Guarantee Program

5.  Shop for a home

• Choose a real estate agent
• Wish list - what features do you want?
• Home-shopping checklist - take this list with you when comparing homes
• Homes for sale (including HUD homes)
• "Fixer-Uppers" - home purchase and repair programs
• Manufactured (mobile) homes
• Build a home

6.  Make an offer

7.  Get a home inspection

• For Your Protection Get a Home Inspection
• 10 Questions to ask a home inspector

8.  Shop for homeowners insurance

• Homeowners insurance
• 12 ways to lower your homeowners insurance costs

9.  Sign papers

• Settlement Costs and Helpful Information