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How do I start the home buying process?

Are there programs available to low income families that are interested in purchasing a home?  What's next? Take me through the whole process, any and all advice would be greatly appreciated.

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January 13 2013 - Willimantic
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Profile picture for RobRosa
Hello,

From a real estate professional perspective that is focused on helping a client, [deleted by Zillow moderator. please see our Good Neighbor Policy for posting guidelines]

If you need help on mortgage options, let me know and I can direct you to some very help mortgage professionals.

Best of Success!

Rob
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February 22 2013
Great Questions...answers are YES!  It depends on where you live on th eprograms available...find a good lender who specializes in 1st time home buyers.  The lender will have access to all programs available to you...best of luck
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January 21 2013
Meeting with a local Realtor will enable you to get a clear overview of the process. It also has the added benefit of making it "real" if you're on the fence or just nervous about taking the first step! A Realtor can help you fine-tune your criteria, suggest lenders for your pre-approval, and go through a simple checklist of "to-do's" that will give you a handle on what can sometimes seem like an overwhelming project. With interest rates and prices at historic lows, it makes sense to become a homeowner. A Realtor can help guide you step-by-step down the path to your new home.
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January 21 2013
The first step in the buying process is selecting a lender to work with to discover which programs are available to you and what price range you qualify for. From there you can find a realtor and look at all the homes that fit that criteria
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January 21 2013
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[Promotion and website removed by Zillow moderator. Please see our Good Neighbor Policy for more information.]
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January 21 2013
Many states offer first time homebuyer programs. Just don't tell members of a certain political persuasion or you might those programs vanish.

These programs offer first time buyer classes to teach you about budgeting and basic maintenance issues as well as the logistics of the home buying process, plus, they are not beholden to any interests (outside of capitalism), so your advice will be fairly non-biased.

You'll need to google the appropriate search areas for your area.

In Chicago, we currently have a couple of programs that serve your needs.

As other posters said, get a referral for a couple of good mortgage brokers or banks (they do the same thing). It is important that you ask if they have any first time homebuyer and lower income buyer incentives, including, if they work with the state program (if it exists).

Without financing and understanding what you can afford, the entire home buying process is a waste. Better to live vicariously through the Canadians on HGTV.

After the mortgage process, you'll want to locate a solid buyer's agent, and they'll guide you the rest of the way.

Cheers.
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January 20 2013
1.  Pre-approval
2.  locate your target area
3.  Drive the neighborhoods to find the neighborhoods you like
4.  Look at homes in those areas
5.  Find a home
6.  Write an offer
7.  Close


Best of Luck,

Josh Barnett, Realtor 
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January 19 2013
Hi, I just sent you an email with with some options that you might have. Feel free to email or call me anytime with any other questions.

Jessica Tracy
CG Real Estate
860-368-8383
jessica@cgrealestate.net
www.jessicatracy.net
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January 19 2013

First, this is a great time to buy a home. There are still programs available that provide 100% financing and down payment assistance. We recommend that you begin by talking with one or more mortgage people to determine what you qualify for. If you need some referrals, you can also find a Realtor you are comfortable with who may be able to recommend some lenders you can speak with.

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January 14 2013
Profile picture for RobRosa
Hello,

I would start the process by talking with a reputable mortgage officer about your finances.  It's very important to understand your wants, needs and what you can afford.

The next step is to partner with a real estate broker who will listen to your wants and help you get to the next step.  This broker will have a step by step plan for you to follow and give you access to the many listings on the market.

You can feel free to learn more at deleted by Zillow moderator. please see our Good Neighbor Policy for posting guidelines]
Sincerely,
Rob Rosa - Your Personal Full-Time Real Estate Broker
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January 14 2013
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January 13 2013
Profile picture for Dunes ..
My opinion is you should check out the HUD Homebuyers info on their site..well organized, easy to understand and more helpful imo than any other source
Links to local programs, agencies, info on loans, the buying process
Examples
How much home can you afford?

Homebuying programs in your state
Let FHA help you (FHA loan programs offer lower downpayments and are a good option for first-time homebuyers!) HUD's special homebuying programs

Check out the HUD INFO

Also...Provided by the Federal Gov..Find the Right Loan, you can search for specific information, compare options, or take a short questionnaire to determine your eligibility for each program. GovLoan.com

The Fed Gov also has Sites for its Properties for sale which explain the programs options for low-income families
HUD Homes...Fannie Mae
You can find the links to all the Gov sites here...Link

Information on the Department Of Justice
Anti-Trust Division Web Site about all the options Consumers actually have
New business models are emerging that allow consumers to save thousands of dollars when they buy or sell a home

Good Luck
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January 13 2013
 Meet with at least two mortgage brokers and see what they are able to offer.
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January 13 2013
Before you even start with the process of home-buying, you should sit down with a lender in your area. See if there are any credit issues you need to resolve. Create a budget. Make sure you are in a place where buying makes sense.

wetdawgs also provided a useful link that you should review, so I'll save the typing.
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January 13 2013
Profile picture for wetdawgs
Here's a link to Zillow's section on the buyer's roadmap.  to get you started on understanding the process.
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January 13 2013
 
Related Questions
How do I start the home buying process?
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February 22 2013 | 15 answers
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