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June 16, 2011

Buying a Home in Naperville: Helpful Links

by jtnesse

Buying a Home

1. Figure out how much you can afford
What you can afford depends on your income, credit rating, current monthly expenses, downpaymentand the interest rate.

 - How much home can you afford?
 - Buying vs. Renting
 - Home Economics
 - Homebuying programs in your state

2. Know your rights

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

3. Shop for a loan

 - Looking for the best mortgage: shop, compare, negotiate– brochure
 - Let FHA help you
 - Learn about interest only loans
 - Avoid Predatory Lenders

4. Learn about homebuying programs

 - Homebuying programs in your state
 - 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)
 - Hurricane Evacuees discounted sales
 - Homeownership for public housing residents
 - Indian Home Loan Guarantee Program(Section 184)

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

6. Make an offer

 - Making an offer

7. Get a home inspection

 - For Your Protection Get a Home Inspection
 - 10 Questions to ask a home inspector

8. Shop for homeowners insurance

 - Homeowners insurance
 - 12 ways to lower your homeowners insurance costs

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

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