Thinking about buying a home? We have information that can help you become more informed on the financial and legal implications when buying a home. Below, we’ve compiled a list of the resources provided by the U.S. Department of Housing and Urban Development provides. For more information, please feel free to contact us, and we would be happy to answer your questions!
1. Figure out how much you can afford
What you can afford depends on your income, credit rating, current monthly expenses, down payment and the interest rate. Download this resource to learn how to manage your money in preparation for buying a home.
2. Know your rights
Here are a few resources to help you know about your legal rights as a buyer and a borrower.
- Fair Housing: Equal Opportunity for All
- Real Estate Settlement Procedures Act (RESPA)
- Borrower’s rights
- Predatory lending
3. Shop for a loan
These resources give you valuable information on common mortgage terms and gimmicks you should be aware of.
4. Learn about home buying programs
There are many home buying programs out there to assist buyers in particular circumstances. View the resources below to see if you qualify for a home buying program.
- Let FHA help you (FHA loan programs offer lower down payments and are a good option for first-time homebuyers!)
- Good Neighbor Next Door
- Homeownership for public housing residents
- Indian Home Loan Guarantee Program
5. Shop for a home
Here are a couple of lists to keep on hand when shopping for a home.
6. Make an offer
This article teaches you the basics of making an offer on a home.
7. Get a home inspection
A home inspection is an important step in the home buying process. This resource gives you important questions to make sure you ask your home inspector.
8. Shop for homeowners insurance
Here are some helpful tips when shopping for homeowners insurance.
9. Sign papers
You’re finally ready to go to “settlement” or “closing.” Be sure to read everything before you sign!