1. Figure out how much you can afford
What you can afford depends on your income, credit rating, current monthly expenses, downpayment and the interest rate.
2. Know your rights
- Fair Housing: Equal Opportunity for All - brochure
- Real Estate Settlement Procedures Act (RESPA)
- Borrower's rights
- Predatory lending
3. Shop for a loan
- Looking for the best mortgage: shop, compare, negotiate- brochure
- Let FHA help you
- Learn about interest only loans
4. Learn about homebuying programs
- Let FHA help you (FHA loan programs offer lower downpayments and are a good option for first-time homebuyers!)
- HUD's special homebuying programs
- Good Neighbor Next Door(formerly known as Teacher/Officer/Firefighter Next Door)
- Homeownership for public housing residents
- Indian Home Loan Guarantee Program (Section 184)
5. Shop for a home
- 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
- Shopping for a Home FAQ's
6. Make an offer
7. Get a home inspection
8. Shop for homeowners insurance
9. Sign papers
You're finally ready to go to "settlement" or "closing." Be sure to read everything before you sign!