In these especially tough economic times, it's encouraging to know that you can save thousands of dollars as a first-time homebuyer by enrolling in a very basic course through your neighborhood, city or county affordable housing program. Many regions offer this great deal.
Research the newspaper or Internet for the housing program near you. Many areas feature these nonprofit or government-based agencies. You might worry that there is a catch, but actually the program is designed to help first time homebuyers learn about the process and be able to purchase a home for themselves and their families.
Follow instructions on the site. Most programs ask that you take a class through their agency in order to qualify for their program. This may meet weekly for a month, or if you're lucky, just for a couple of Saturdays. Through the course, you will probably learn about every step of the process of buying a home, so it is not so scary and strange. If you get a good workshop, experts from bankers to real estate agents to inspectors will give talks explaining their part of the picture.
Learn about the different loans you qualify for. These may be available at super low interest rates for low-income earners like you. The key benefit of these programs, besides familiarizing you with homebuying and homebuying terms, is to safeguard you financially and basically to make it financially possible for you to buy a home. This way you get the advice you need and don't end up foreclosing because you took out an adjustable rate mortgage without understanding it, for instance.
Call or meet with the financial counselor for support or if you have any questions. After you've qualified for a loan, and as you begin to look at homes, another excellent benefit of the program is that it may assist you in getting your financial questions answered. You can ask, "What about a home for sale by owner?" or any other advice question. These people really want you to be successful in your homebuying endeavor and will help you along the way.
Be aware that certain loans stipulate that the house price have a limit before you qualify. Understand that if you give permission, you may be asked to allow your image to be used as publicity for the program (for example, a photo of your family standing proudly in front of your new home).