Julie Staradumsky CREN

The homebuying process can seem complicated, but if you take things step-by-step, you will soon be holding the keys to your own home!

Nine steps to buying a home

1. Figure out how much you can afford
2. Know your rights
3. Shop for a loan
4. Learn about homebuying programs
5. Shop for a home
6. Make an offer
7. Get a home inspection
8. Shop for homeowners insurance
9. 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.

	How much home can you afford?
	Buying vs. Renting
	Home Economics

Need help with your downpayment and/or closing costs?

Homebuying programs in your state

A housing counselor can help you figure out how to manage and pay off your debt, and start saving for that downpayment!

Find a housing counselor near you

Step 2: Know your rights

	Fair Housing: Equal Opportunity for All - brochure
	Real Estate Settlement Procedures Act (RESPA)
	Borrower's rights
	Predatory lending

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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 - brochure
	Let FHA help you
	Why Ask for an FHA Loan?
	Learn about interest only loans
	Avoid Predatory Lenders

Step 4: Learn about homebuying programs

Homebuying programs in your state

FHA loan programs offer lower downpayments and are a good option for first-time homebuyers.

	Let FHA help you
	HUD's special homebuying programs Good Neighbor Next Door (formerly known as Teacher/Officer/Firefighter Next Door) Hurricane Evacuees discounted sales Homeownership 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

If 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.

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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.

Making 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
	10 Questions to ask a home inspector

Step 8: Shop for homeowners insurance

Lenders require that you have homeowners insurance. Be sure to shop around.

	Homeowners insurance
	12 ways to lower your homeowners insurance costs

Step 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

Homeless Assistance Programs

Information by State Print version

Introduction

HUD's Homeless Assistance Web Page is available to help you learn more about HUD's homeless assistance programs, and to keep you informed about available funding. HUD's homeless assistance programs are broken down into two main categories, formula (non-competitive), and competitive. Competitive programs are under the umbrella of Continuum of Care.

Competitive Programs

The McKinney-Vento Homeless Assistance Act programs administered by HUD that award funds competitively require the development of a "Continuum of Care" system in the community where assistance is being sought. A continuum of care system is designed to address the critical problem of homelessness through a coordinated community-based process of identifying needs and building a system to address those needs. The approach is predicated on the understanding that homelessness is not caused merely by a lack of shelter, but involves a variety of underlying, unmet needs - physical, economic, and social. Funds are granted based on the competition following the Notice of Funding Availability (NOFA). Continuum of Care Homeless Assistance Programs include:

• Supportive Housing Program
  Provides housing, including housing units and group quarters, that has a supportive environment and includes a planned service component.
  
• Shelter Plus Care Program
  Provides grants for rental assistance for homeless persons with disabilities through four component programs: Tenant, Sponsor, Project, and Single Room Occupancy Rental Assistance.
  
• Single Room Occupancy Program
  Provides rental assistance on behalf of homeless individuals in connection with moderate rehabilitation of SRO dwellings.
  

Formula Program (Non-Competitive)

Formula grants are awarded on the basis of the Consolidated Plan that states and local jurisdictions may fill out.

• Emergency Shelter Grant Program
  A federal grant program designed to help improve the quality of existing emergency shelters for the homeless, to make available additional shelters, to meet the costs of operating shelters, to provide essential social services to homeless individuals, and to help prevent homelessness.

Other

• Title V program
  HUD collects and publishes information about surplus federal property that can be used to help homeless persons. Eligible grantees include states, local governments, and nonprofit organizations.
• Base Realignment and Closure
  The congressionally authorized process the US Department of Defense has previously used to reorganize its base structure to more efficiently and effectively support our military forces, increase operational readiness and facilitate new ways of doing business.

If you would like to locate the HUD office closest to you, please select your Local HUD Office which will connect you with the Web Page of each Field Office. The Annual Progress Report is available now in a Word format.

Learn more about renting and HUD rental assistance programs.

Need Help?

	Privately owned subsidized housing - HUD helps apartment owners offer reduced rents to low-income tenants. Search for an apartment and apply directly at the management office.
	Public Housing - affordable apartments for low-income families, the elderly and persons with disabilities. To apply, contact a public housing agency.
	Housing Choice Voucher Program (Section 8) - find your own place and use the voucher to pay for all or part of the rent. To apply, contact a public housing agency.

Local Renting Information

Rental help in your state - find affordable rentals and special needs housing, get help with your utility bills, and more

Need Advice?

Contact a housing counseling agency or call toll-free (800) 569-4287