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According to the US Department of Housing and Urban Development (HUD) here are a few things you should know before you buy a home:
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.
- Home Economics
- Homebuying programs in your state
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
- Avoid Predatory Lenders
4. Learn about home buying programs
- Homebuying programs in your state
- 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
- Build a home
- Shopping for a Home FAQ’s
6. Make an offer
- Making 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
You're finally ready to go to "settlement" or "closing." Be sure to read everything before you sign!
- Settlement Costs and Helpful Information
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