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Nine Steps to Buying a Home

1. Figure out how much you can afford (Loan Officer or Life Planner to Assist)

What you can afford depends on your income, credit rating, current monthly expenses, down payment and interest rate. The calculators below can help, but it is best to speak with one of our Loan Officers or Life Planners to find out for sure. Call 877-937-3657 X11 or Email: loaninfo@fmlands.com.

Click Above for Mortgage Calculator

2. Know your rights (Loan Officer or Life Planner to Assist)

HUD is requiring that loan originators provide borrowers with a standard Good Faith Estimate that clearly discloses key loan terms and closing costs and that closing agents provide borrowers with a new HUD-1 settlement statement.

Housing Discrimination is unlawful.

3. Shop for a loan (Loan Officer or Life Planner to Assist)

There are lots of reasons to ask your lender for an FHA loan instead of taking a conventional or an expensive and risky sub-prime mortgage loan. Why not take advantage of the many benefits and protections that only come with FHA:

Easier to Qualify - Because FHA insures your mortgage, lenders are more willing to give loans with lower qualifying requirements so its easier for you to qualify.

Less than Perfect Credit - Even if you have had credit problems, such as bankruptcy, its easier for you to qualify for an FHA loan than a conventional loan.

Low Down payment - We have a low 3.5% down payment and the funds may come from a family member, employer or charitable organization. Other loans do not allow for gifting.

Costs Less - Many times, FHA loans have competitive interest rates because the loans are insured by the Federal Government. Always compare an FHA loan with other loan types.

Pathway2Homes.com

Nine Steps to Buying a Home

4. Explore home buying programs (Loan Officer or Life Planner to Assist)

FHA loan programs offer lower a down payment and are a good options for a first-time home buyer. Speak with a Loan Officer or Life Planner about your specific needs.

5. Shop for a home (Realtor to Assist)

A. Choose a real estate agent.
B. Wish list - what features do you want?
C. Home-shopping checklist – take this list with you when comparing homes
D. Homes for sale (including HUD homes)
E. " Fixer-uppers " - home purchase and repair programs
F. Rehab Loans
G. Neighbor Next Door Program

6. Make an offer (Realtor to Assist)

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.

7. Get a home inspection (Realtor may Assist)

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.

8. Shop for homeowners insurance (Client's Independent Choice)

Having a mortgage requires that you have homeowners insurance. Be sure to shop around.

9. Sign papers (Realtor and Loan Officer or Life Planner to Assist)

You're finally ready to go to "settlement" or "closing." Be sure to read everything and ask any questions before you sign.

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(Click "Pathway2Home.com" Above for Loan Consultants)
OR
Call: 877-937-3657 Ext. 11
OR
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