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Homepage >> Services >> Buying Real Estate >> Buying a Home Questions

Buying a Home Questions

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.

Need help with your downpayment and/or closing costs?

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

Step 2: Know your rights

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

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

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 Program - for police officers, teachers, firefighters and emergency medical.
Homeownership for public housing residents
Indian Home Loan Guarantee Program (Section 184)

Step 5: Shop for a home

"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.

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.

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!


Lebanon New Hampshire Hanover Rd Prof. Ctr. Lebanon NH
Phone: (603) 643 - 0127 Fax: (603) 643 - 6805
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Copyright Northern New England Real Estate Network, Inc. All rights reserved. (Note - where nnnn is the current year.) This information is deemed reliable, but not guaranteed. The data relating to real estate displayed on this web site comes in part from the IDX Program of NNEREN. Data last updated 11/19/2017.

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