Financing Your Dream
It's All Yours!
Common Questions from First-time Homebuyers
Know Your Rights as a Homebuyer
Before you start, there are many laws that protect you from scams, unnecessary expenses, and discrimination in the process of homebuying.
Find out How Much Mortgage Can You Afford
You can save yourself a lot of wheel-spinning if you take a minute to figure
out how much mortgage you can afford. Generally, a lender will want your monthly mortgage payment to total no more than 29% of your monthly gross income (that's your monthly income before taxes and other paycheck deductions are taken out.) You also need to consider current loan interest rates. The lower the interest rate, the more expensive the home you'll be able to afford. Follow our tips and use these simple calculators to see how much you can afford in a mortgage payment.
Mortgages and Homebuying Programs
Many different kinds of mortgages are available to you. Read about them, and make sure you understand the pros and cons of each. Your real estate broker can help you. HUD offers some special homebuying programs. Also, many local governments offer special homebuying programs to help low-income homebuyers. Shop around - you may be surprised at all your options!
Looking for the best mortgage: shop, compare, negotiate
HUD's special homebuying programs
Shopping for a Home
Now you really begin house-hunting. Your real estate broker will be able to find listings for you, based on your wishlist. But don't stop there! You can do your own looking, and then ask your broker to show you the house. Start with the Internet. Pick up real estate flyers at local grocery stores and convenience stores. Read the real estate sections of your local newspaper. Drive around neighborhoods that interest you and write down addresses
where there are "for sale" signs. Go to open houses. Try everything!
Moving
Looks like you're ready to move. There's a lot to consider as you plan your move. The good news is that there's lots of help. Check this out.
U.S. Department of Housing and Urban Development
451 7th Street S.W., Washington, DC 20410
Telephone: (202) 708-1112 TTY: (202) 708-1455
Find the address of a HUD office near you
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