The Path to Homeownership

Step 1: Education
Become informed about the process of buying a home at a home buying workshop and decide whether or not homeownership is right for you. It is important to get your education from someone who has your interests at heart such as a nonprofit housing counseling agency.
Step 2: Housing Counseling
After your workshop, you can schedule one-on-one counseling where a housing counselor will talk to you about your budget,credit history,and what you can afford. They can help you resolve any roadblocks to home buying. When you have completed your counseling,you will receive a Home buyers Education Certificate,which will make you eligible for certain loans and assistance programs.

Step 3: Credit Review
In order to buy a home, you should have good credit. Good credit gives the mortgage lender faith that you will pay your monthly housing payments in full and on time. You can obtain a copy of your free credit report once per year from http://www.annualcreditreport.com/. Your housing counselor can review your credit with you and work with you to build better credit or establish good credit.
Step 4: Pre-Qualification
Your housing counselor will help you determine what you can afford and what type of mortgage is best for you, they will then help you obtain a good faith estimate from a credible lender. This means you are pre-approved, but that is not the same as being approved to buy a home.
Step 5: Home Selection
It is important to complete steps 1-4 before you begin house hunting. If necessary, your housing counselor can refer you to a reliable real estate agent http://www.buchanangroupkw.com/ who will show you homes within your budget.

To be continued...