Buy a House
"People are living longer than ever before, a phenomenon undoubtedly made necessary by the 30-year mortgage. " ~Doug Larson
Buying a Home
Thinking about buying a home? HUD has information that can help! Got questions? Talk to one of their housing counselors!
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.
2. Know your rights
Fair Housing: Equal Opportunity for All - brochure
3. Shop for a loan
4. Learn about homebuying programs
Let FHA help you (FHA loan programs offer lower downpayments and are a good option for first-time homebuyers!)
HUD's special homebuying programs
Good Neighbor Next Door (formerly known as Teacher/Officer/Firefighter Next Door)
Indian Home Loan Guarantee Program (Section 184)
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 (including HUD homes)
6. Make an offer
7. Get a home inspection
8. Shop for homeowners insurance
9. Sign papers
You're finally ready to go to "settlement" or "closing." Be sure to read everything before you sign!
Climate Risk Report for Homes and Real Estate - Fire, Flood, Storm, Heat / ClimateCheck Inbox: ClimateCheck® ratings reflect hazard risk at a property relative to the rest of the contiguous United States. Ratings are based on projected 2050 risk and the change from historical risk. A rating of 1 represents the lowest risk; 100 is the highest.
Ready to buy a home? Here is everything you need to know.
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Buying a Home | HUD.gov / U.S. Department of Housing and Urban Development (HUD)
Learn about housing help by HUD:
Rental Assistance, Mortgages, Housing for Seniors, and More: The Department of Housing and Urban Development (HUD) offers various housing programs and resources to ensure people have access to quality housing that is inclusive and affordable. With these available resources, you may be able to:
Get help with rental payments.
Find affordable housing.
Avoid foreclosure on your home.
Explore housing options for seniors and people with disabilities.
Support home repairs and modifications.
Search for loans, helpful checklists, and certified counselors.
Find the best rates and start saving by using the Money Talks News mortgage refinance comparison tool. It only takes a few seconds, and it could definitely make you richer!
Neighborhood Scout is a website that helps people decide where they should move. The site boasts that it publishes "comprehensive reports (that) cover exclusive real estate trends & forecasts, crime data, real estate investment index, demographic trends, job access, school ratings. In other words, Neightborhood Scout lays out real data that can help you find a hometown and the best neighborhoods for you and your family.
Neighborhood Assistance Corporation of America: Their goal is to make home ownership an affordable reality for low- and moderate-income earners. Some of the major benefits are: no down payment, no closing costs, and a below market interest rate.
Mortgage Calculator - Free House Payment Estimate | Zillow: Use Zillow's home loan calculator to quickly estimate your total mortgage payment including principal and interest, plus estimates for PMI, property taxes, home insurance and HOA fees. Enter the price of a home and down payment amount to calculate your estimated mortgage payment with an itemized breakdown and schedule.
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Finding Loans for Buying and Repairing Your Home
Transferring Benefits Across States
Downsizing Your Stuff When Moving to a Smaller House
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How Much House Can You Afford?
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The housing solution ‘hidden in plain sight’ that Maryland and Mississippi are embracing: When you think of a manufactured home, you might picture an outdated trailer park. That’s no longer the reality.
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How Much House Can I Afford? Here’s How to Do the Math
Putting a Down Payment on a House: How Much You Need and Other Facts
Let’s Make a Deal… on Your Dream House
Tips for Making Your Best Home Offer
Tips for Choosing the Best Mortgage Type for You
5 Ways to Calculate How Much House You Can Afford
How Much House Can I Afford | 5 Ways to Calculate Your Number
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Renting vs. Buying: The True Cost of Home Ownership
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Strategies to Pay off Your Mortgage Early
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Prefab cabins that can be shipped to your door
This Amish Log Cabin Kit Can Be Yours for $16,350 here: https://smartnews.link/news/RBoU
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No, you do not want to live in a tiny house
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How We Saved $34k in Interest on Our Mortgage Before Closing
Listen to What You Need to Know Before Refinancing Your Mortgage from Money Guy Show on Apple Podcasts. https://podcasts.apple.com/us/podcast/money-guy-show/id121362031?i=1000473987265
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8 Things You Should Rent Instead of Buying
Advantages of Renting: Why I Rent Instead of Buy
I realized I simply couldn’t afford the sort of house I wanted
Small Is Beautiful: the benefits of a small home - HumbleDollar The important thing to remember when purchasing a home: Buy one that you can afford, so you won’t have to mortgage your financial future. That’s exactly what I did—and I’m thankful for it.
Find Your Dream Home — Step by Step
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Closing On A Home: What To Expect
Go Green with Low-Budget Housing - Green Homes - MOTHER EARTH NEWS
Why You Should Ask for a CLUE Report Before Buying a Home
How to Buy a House in 9 Steps - Clark Howard
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Home Loan Tool Kit : This toolkit will help you make better choices along your path to owning a home.
When buying a house or refinancing you can as part of the purchase loan or refinance, you are able to borrow extra money for things that will lower your utility bill by making an ultra efficient house .. you can add a Fannie Mae loan product called home style mortgage that can be used to purchase solar panels, extra insulation, solar farm, water saving devices. The loan will be at the same percent as the mortgage or refinance. In addition you should be able to get rebates that can cover 30% of the cost.
Check out "Owning a Home" by consumer finance.gov : find tools with the goal of helping homebuyers and homeowners like you feel more confident, become more informed, and make smarter decisions about mortgages.
TIP: You will pay less if you look for a lower cost mortgage loans by using mortgage brokers, mortgage bankers, credit unions and small local banks instead of using big banks. If you need to refinance in addition to the above use online lenders like SoFi.com - The Bankless World Begins.
www.fanniemae.com helps low to middle income families buy homes.
Home Path.com makes it easy to buy homes that are foreclosed. It is a one stop shop where you can see the inventory available, make it easy to negotiate the purchase price and tie you with an easy to get mortgage with low down payment with no appraisal or need for PMI, no closing costs low cost home.
Your Mortgage Closing Checklist
Is It Better to Be Prequalified or Preapproved for a Mortgage?
Don't Borrow Trouble® is a national anti-predatory lending campaign that combines education and empowerment, teaching consumers to protect their homes and finances. It is an anti predatory lending site by Freddie Mac that has a lot of information on avoiding high priced loans. There are sites dedicated to each state and/main city. To find the campaign near you Google the name don’t borrow trouble and the name of the state’s main city. For example: for Massachusetts looks for don’t borrow trouble Boston, or don’t borrow trouble Philadelphia, etc.
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Hidden Housing Costs New Homeowners Don't Expect
Why a 30-Year Mortgage Is Better Than a 15-Year Home Loan – Len Penzo
You can save thousands by choosing a home that’s for sale by owner. A site to go to is www.forsalebyowner.com , www.fsbo.com or www.homesbyowner.com
Financial Benefits of Living in a Mobile Home or Manufactured Home
Check the latest mortgage rates with Credible, an online lending marketplace where qualified lenders compete for your business. Lenders will give you a free, no-obligation rate quote. Also call or e-mail your existing bank and see what they have to offer.
Buying a foreclosure:
Fannie Mae REO Homes For Sale - HomePath.com HomePath.com is the Official foreclosure website owned by Fannie Mae. Find Fannie Mae foreclosures exclusively on HomePath.com.
HomeSteps Freddie Mac has a similar website to advertise theiry foreclosures.
Tips for buying a foreclosure: go out and see the house in person, hire an inspector to find hidden problems that is certified and has experience in foreclosures (check American Society of Home Inspectors (ASHI.org), buy your own owner's title insurance to protect you from someone that claims they are the owners of the foreclosure.
Hire an agent that exclusively represents you when buying a house. An exclusive buyer’s agent will uncover builder-to-broker incentives that could be advantageous to you and save you time by sizing up the market especially if you are a first time buyer or new in the area. Contact the National Association of Exclusive Buyer Agents (www.naeba.org) for information and help in finding an agent.
Investigate the town you are planning on moving to make sure you are going to like the neighborhood. Check out the city at www.citytowninfo.com which has information about income levels, crime, sex offenders and more.
Log on to www.uhaul.com/boxexchange and the site will hook you up with new neighbors looking to unload their cardboard boxes instead of buying them if you are moving. You can also exchange moving supplies and rides.
The National Community Reinvestment Coalition is a nonprofit membership organization that helps under served communities at www.ncrc.org
The Mortgage Bankers Association offers consumers information and links to resources. Go to www.homeloanlearningcenter.com and click on “Foreclosure prevention Resource Center” HomeLoanLearningCenter.com provides step-by-step information on how to become financially literate. Armed with the facts, your next move could be into your own home. Learn about credit reports and scores; the true cost of owning a home; and how to compare the costs of owning versus renting a home. The site provides in-depth, easy-to-read home loan product information, including information on how to qualify for a loan, what the documents mean and what's in a mortgage payment, along with mortgage calculators to help you plan your payments.
Home Loan Learning Center, powered by the Mortgage Bankers Association, is committed to empowering you to make informed financial decisions through access to financial education. We encourage consumers visiting this site to continue their financial education by taking advantage of the comprehensive links to reach state, federal, non-profit and consumer group web sites.
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Why You Shouldn't Pay Off Your Mortgage Early
7 Benefits to Living in a Smaller Home
Building a smarter home: Learn about the upgrades that can be made to your home to decrease the amount of energy used in the home
How We Saved $34k in Interest on Our Mortgage Before Closing
Do a side by side comparison of crime statistics, climate and cost of living of different cities at www.bestplaces.net
What do you know about the condition of the community you plan to live in? Extend your home inspection to include a full environmental report of your area. Get a pollution report card by visiting www.scorecard.org . Search by zip code and within seconds receive a FREE, in depth pollution report covering air and water quality as well as toxic chemical levels in your neighborhood,
The retirement living information center has also taxes by state guide that lets you compare income, property, sales, estate and other taxes by state at www.retirementliving.com
How to hire the best moving company
If you or someone close to you is ready to buy a home, there may be government programs to help you.
Government-backed home loans and mortgage assistance programs - Browse your options like FHA loans or special programs for veterans and see which works best for you.
Vouchers for first time home buyers - this applies to people with lower incomes interested in purchasing a home. Learn more about this program to find if you qualify.
Real estate and federal lands for sale - the government acquires properties through foreclosure, forfeiture, or failed banks. Lands are sold by auction or offer. Interested in these sales?
QUOTES:
My Two Cents: Things To Consider Before Buying a Bigger House: We bought an older two story home back in 1998. Our kids moved out by 2004. By choice, we currently reside in the downstairs portion of our home. Here a few things we discovered about having a large house.
Keeping it clean is a big chore, especially as you get older or develop health issues. Even rooms that don’t get used still need to get cleaned.
The more square footage you have, the more your home insurance rates cost.
Moving furniture up and down stairs can be challenging, especially if the staircase has a turn or is narrow. Also, steep steps are tricky.
It's tempting to accumulate more "stuff" to fill the space.
Some big homes are built on big lots, which means more outside maintenance.
Sometimes, people ASSUME that your home is a great place to stay or have a large gathering, even though you don’t like to entertain.
So think "long term" when it comes to buying a big home.
Toni from Dollar Stretcher Tips
Steps when moving:
Hire and agency certified by the ProMmover's program (Find a ProMover - Moving.org) they agree to follow a code of ethics... it doesn't mean that some issues will arise or something will not break but it eliminates any scam
Ask for a binding estimate for interstate moving which means it cannot charge you more than this estimate
Insure it: buy your own coverage instead than from the mover, called replacement coverage in the event of a loss
Use UShip if moving smaller items
Beware of scams
Visit www.Moving.org for expert advice in making an informed decision on hiring a professional mover you can trust.
TIP: videotape everything before moving. Get replacement value insurance to replace what comes missing or broken.
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