Tips for Homebuying

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Buying a home doesn't have to be overwhelming. Here are some tips to help you achieve the American dream of homeownership:

1. Before you look, figure out what you can afford...you might be surprised! Use our calculators to see how much you can afford
   • HSH Associates
   • HomePath Calculators

2. Make a list of what you must have and what you'd just like to have...that will help you focus your search

3. Find yourself a good real estate agent...someone you feel you can trust. In addition to helping you find just the kind of home that fits your budget and needs, your agent will be your guide through the entire process of buying your home

4. Shop around for mortgages. There are many different types of mortgages and many different interest rates available. Don't be afraid to contact more than one lender to ask questions. Read about HUD's FHA programs that can help you become a homeowner.

5. Be prepared when you visit your lender! You'll need to bring with you several documents to get the ball rolling, including:
   • Your social security number;
   • Your most recent pay stub, showing your annual earnings;
   • Your W-2 tax forms for the past 2 years;
   • The names, addresses, and phone numbers of your employers for the past 2 years;
   • Account numbers and balances of your checking account, savings account, and any other accounts you have;
   • A list of any assets you have currently (such as bonds, stocks, etc.);
   • A list of all your creditors, including your current balance and your monthly payments; and
   • Current and previous addresses you have used.

   It sounds overwhelming, but if you just do a little bit of organizing upfront, you'll save yourself a lot of time later.

6. HUD has a great booklet that will tell you how the laws protect you as a homebuyer. Check out our booklet, "Buying Your Home - Settlement Costs and Helpful Information."