1st Time Home Buyers
Nine steps to buying a home 
- Figure out how much you can afford
- Know your rights
- Shop for a loan
- Learn about homebuying programs
- Shop for a home
- Make an offer
- Get a home inspection
- Shop for homeowners insurance
- Sign papers
Step 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. The calculators below can help, but it is best to visit a lender to find out for sure.
Step 2: Know your rights
| Real Estate Settlement Procedures Act (RESPA) |
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.
| Looking for the best mortgage: shop, compare, negotiate | |
| Let FHA help you | |
| Why Ask for an FHA Loan? | |
| Learn about interest only loans |
Step 4: Learn about homebuying programs
FHA loan programs offer lower downpayments and are a good option for first-time homebuyers.
Step 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 | |
| "Fixer-uppers" - home purchase and repair programs | |
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.
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!
