Resources Buying a House Links

Keys to My House – Home Buying Resource List

Disclaimer: The information contained in the websites noted herein represent the opinions of the authors and editors of those respective websites. Links are provided for informational purposes only and no representations or warranties whatsoever, express or implied, are given as to the accuracy or applicability of the information. Transmission of the information is not intended to create, and receipt does not constitute, an attorney-client relationship. Readers are responsible for obtaining legal advice from their own legal counsel.

1. Determine Financial Readiness to Purchase a Home

This first step involves understanding what you can afford, considering the rent vs. buy question, and knowing how much you can borrow.

• What Can You Afford?

  • Freddie Mac – Mortgage Calculator: Calculate monthly payments and determine how much home you can afford.

• Rent vs. Buying

  • Freddie Mac – Rent or Buy: Analyze whether it makes more financial sense for you to rent or purchase a home.

• How Much Can You Borrow?

  • Freddie Mac – How Much Can You Borrow?: Use an interactive tool to analyze what mortgage price point you can afford.

2. Consultants for Advice on Home Buying

Assembling a team of experts is crucial for a successful home purchase.

• Find a Realtor

  • National Association of Realtors: Search for a realtor by name, city, and language.

  • National Association of Hispanic Real Estate Professionals: Request a local referral.

• Find a Certified Financial Planner

  • CFP Board: Search for a certified financial planner (CFP) by location and language.

• Find a Lawyer

  • American Bar Association: Find local bar associations for attorney referrals.

• Find a Housing Counselor

  • HUD Certified Counseling Agencies: Find a HUD-approved housing counselor by state and language.

• Translators/Interpreters

  • American Translators Association: Search for a professional translator or interpreter by area of practice.

3. Understanding the Home Purchase Contract

Before you sign, understand the legal documents and costs involved.

• Redfin: “What’s in a Purchase Agreement?”: Explains the different components of a standard real estate contract.

• Documents Involved in Closing: Lists the documents involved and explains different closing costs. (Note: Original source was generic; this link directs to the CFPB’s definitive guide on closing disclosures)

4. Home Financing Options

Explore various loan programs and find a lender that fits your needs.

• Government Loan Programs

  • U.S. Department of Housing and Urban Development (HUD) Home Buying Programs: Find home buying programs in your state.

  • Find a HUD-Approved Lender: Search for a HUD-approved lender in your area.

  • Good Neighbor Next Door Sales Program: Program for law enforcement, teachers, firefighters, and EMTs.

  • How FHA Can Help Buy a Home: Information on Federal Housing Administration (FHA) loans.

  • VA Home Loans: U.S. Department of Veterans Affairs page on home loans for service members and veterans.

  • Rural Development Loans: USDA program providing funding for homes in rural areas.

• Down Payment Assistance & Specialized Resources

  • Down Payment Assistance Resource Directory: Provides links to government-subsidized programs by state.

  • Hispanic National Mortgage Association: A for-profit company focused on increasing homeownership opportunities for Hispanic families.

5. Anticipating Hidden Fees, Closing Costs, and Ownership Costs

Prepare for the full financial picture, from the closing table to long-term ownership.

• The Mortgage Process

  • Freddie Mac – The Mortgage Process: A step-by-step checklist from financing to closing.

• Calculators

  • Freddie Mac – Closing Costs Calculator: Estimate the various fees due at closing.

  • Freddie Mac – Down Payment Calculator: Calculate the required down payment for a home.

• Closing Day

  • Freddie Mac – What to Expect at Closing: A list of common closing documents and their meaning.