Tips for buying a home

Here are tips from the federal government to help you save up for a down payment:

Here are suggestions from the federal government for buying a home. See more recommendations at the U.S. Department of Housing and Urban Development web site.

• 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, but it is best to visit a lender to find out for sure.
• 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.
• Shop for 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.
• Make an offer — Discuss the process with your real estate agent. If the seller counters your offer, you may need to negotiate until you both agree to the terms of the sale.
• 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.
• Shop for homeowners insurance — Lenders require that you have homeowners insurance. Be sure to shop around.
• Sign papers — You’re finally ready to go to “settlement” or “closing.” Be sure to read everything before you sign!