Lighthouse Realty can help you figure out how to manage and pay off your debt, and start saving for that down payment!
Step 2: Know your rights
Fair Housing: Equal Opportunity for All - brochure
Real Estate Settlement Procedures Act (RESPA)
Borrower's rights
Predatory lending
Step 3: Shop for a loan
Save money by doing your homework. Talk to several lenders, compare costs and
interest rates, negotiate to get a better deal. Consider getting pre-approved
for a loan.
Step 4: Learn about home buying programs
Home buying programs in your state
FHA loan programs offer lower down payments and
are a good option for first-time home buyers.
Let FHA help you
HUD's special home buying programs Good Neighbor Next Door (formerly known as
Teacher/Officer/Firefighter Next Door)
Home ownership for public housing residents
Indian Home Loan Guarantee Program (Section 184)
Step 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 you choose a home in a neighborhood with a Home Owners Association
(HOA), be sure to request a copy of the HOA packet, so you can review before
closing.
Step 6: Make an offer
Discuss the process with your real estate agent. If the seller counters your
offer, you may need to negotiate until you both agree to the terms of the sale. Make
an offer
Step 7: Get a home inspection
Make your offer contingent on a home inspection. An inspection will tell you
about the condition of the home, and can help you avoid buying a home that
needs major repairs.For Your Protection Get a Home Inspection
Step 8: Shop for homeowners insurance
Lenders require that you have homeowners insurance. Be sure to shop around.
Step 9: Sign papers
You're finally ready to go to "settlement" or "closing." Be
sure to read everything before you sign!