Nine Steps To Buying A Home
Nine steps to buying a San Diego Ca home
Figure out how much you can afford
Know your rights
Shop for a loan
Learn about homebuying programs
Shop for a home
Make an offer
Get a home inspection
Shop for homeowners insurance
Sign papers
Step 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. It is best to visit a lender or call a San Diego Broker to find out for sure.
Step 2: Know your home buyer rights
Fair Housing: Equal Opportunity for All – brochure
Real Estate Settlement Procedures Act (RESPA)
Borrower’s rights
Predatory lending
Source Hud.Gov
203(b) Mortgage Insurance
What is the purpose of this program?
To provide mortgage insurance for a person to purchase or refinance a principal California residence. The San Diego Ca mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD.
What are the eligibility requirements?
The San Diego, Ca loan borrower must meet standard FHA credit qualifications.
The borrower is eligible for approximately 97% financing. The borrower is able to finance the upfront mortgage insurance premium into the San Diego mortgage. The borrower will also be responsible for paying an annual premium.
Eligible properties are one-to-four unit structures.
To learn more about the mortgage limits in your area
Step 3: Shop for a home mortgage 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 San Diego Ca mortgage: shop, compare, negotiate – brochure
Let FHA help you
Why Ask for an FHA Loan?
Learn about interest only loans
Avoid Predatory Lenders
Step 4: Learn about homebuying programs
Homebuying programs in your state
FHA loan programs offer lower downpayments and are a good option for first-time homebuyers.
Let FHA help you
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)
Step 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
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 your San Diego real estate agent. If the seller counters your offer, you may need to negotiate until you both agree to the terms of the sale.
Making an offer
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 San Diego, Ca 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
Source: Hud .Gov
