First Time Home Buyer Resources
Many first-time home buyers don't realize what they are getting themselves into when they consider owning a home:
home inspections, closing costs, buyer's brokers, appraisals, mortgage approval, etc. The U.S. Dept. of Housing and Urban Development includes a list of housing counseling agencies, which offer first time home buyer programs.
These programs are designed to help first time home buyers weigh the benefits of renting vs. buying. The programs teach first time home buyers about the different mortgage programs that are available, the value of a home inspection, and what to expect at closing, including calculating your closing costs.
Five key HUD recommendations:
a) know your rights as a buyer
b) find out how much mortgage you can
afford
c) create a house wish list
d) find a real estate broker
e) make an offer contingent on a home
inspection.
Kiplinger's Buying & Selling A Home is a great resource for the first time home buyer. The home buying book is edited by the staff of Kiplinger's Personal Finance Magazine and contains many tips and resources to guide first time home buyers through each step of the home buying process:
choosing an agent, locating listings, making an offer, getting a home inspection, and what closing costs you should anticipate.
100 Questions Every First-Time Home Buyer Should Ask: With Answers from Top Brokers from Around the Country
