*Note: This site is a copy of the HUD - Department of Housing and Urban Development - Buyer's page. Many of the links below will open a new window and bring you to a different site. This page will stay open to serve as your main reference point.

The home buying 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

0. Figure out how much you can afford
0. Know your rights
0. Shop for a loan
0. Learn about home buying programs
0. Shop for a home
0. Make an offer
0. Get a home inspection
0. Shop for homeowners insurance
0. Sign papers

Step 1: Figure out how much you can afford

What you can afford depends on your income, credit rating, current monthly expenses, down payment and the interest rate. The calculators below can help (compliments of our government), but it is best to visit a lender to find out for sure. 

• How much home can you afford?
• Buying vs. Renting
• Home Economics  

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

• Find a housing counselor near you

Step 2: Know your rights
(This might be considered TMI - Too Much Information) 

• Fair Housing: Equal Opportunity for All - brochure
• Real Estate Settlement Procedures Act (RESPA)
• Predatory lending 

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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
• Why Ask for an FHA Loan?
• Avoid Predatory Lenders  

Step 4: Learn HUD'S Special home buying programs 

• Home buying programs in Illinois  

FHA loan programs offer lower downpayments and are a good option for first-time homebuyers. 

• Good Neighbor Next Door (formerly known as Teacher/Officer/Firefighter Next Door)
• Homeownership for public housing residents   

Step 5: Shop for a home

• Hire us as your real estate agent
• Wish list - what features do you want?
• Home-shopping checklist – take this list with you when comparing homes
• View Homes in next 24 hours
• "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.

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Step 6: Make an offer

• Discuss the process with us at HomeOwners Advantage.  

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. 

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

Step 8: Shop for homeowners insurance

Lenders require that you have homeowners insurance. Be sure to shop around. 

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

Step 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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The information on this page and the associated links can be overwhelming. The good news is HomeOwners Advantage is on top of things and can shorten the learning curve a thousand fold. For the smartest, simplest and fastest way to maximize your home purchase hire HomeOwners Advantage as your buyer's representative!