PREPARING FOR HOMEOWNERSHIP

Preparing for Homeownership

Buyer's Guide

Before you begin your home search, prepare yourself by reading Ten Steps to Homeownership.

Homebuying Guides

Even before you begin looking for a home, the homebuying process requires diligent preparation. Buyers who have been preapproved for a home loan often have their offers taken more seriously by sellers. With advance preparation, you can tackle the process of acquiring the financing you need with more confidence. To help you on the path to homeownership, NeighborWorks® offers* step-by-step guides, developed by the Fannie Mae Foundation, that can help you get closer to achieving your dream:

Knowing and Understanding Your Credit
Opening the Door to a Home of Your Own
Choosing the Mortgage that's Right for You
Borrowing Basics: What You Don't Know Can Hurt You

These authoritative homebuying guides are available in nine languages, including English, Chinese, Haitian-Creole, Korean, Polish, Portuguese, Russian, Spanish and Vietnamese.

Buying Tips

Smart Home Financing
The web offers ample resources to build your financial skills and guide you through the home financing process. Learn what you need to know about lending and mortgages before you buy.

Field Guide to Buying vs. Renting

(Updated May 2010)

Is it better to Buy or Rent? Whether renting is better than buying depends on many factors. The information listed here will assist you in helping answer this question. Included are statistics and studies on homeowners and renters as well as financing options and tips. (M. Glick, Senior Information Specialist)

Rent-to-Own Deals: Smart Questions to Ask...

For Sellers:

Who will tend to the property and pay for routine maintenance?
Who pays for major repairs?
What are the costs of setting up and managing an escrow account for the portion of rent allotted to the down payment?
Will you manage the property yourself, or hire an agent?
What if the renters change their minds? Who keeps the money in the escrow account?
If the buyers change their minds, what will be required to put the property back on the market?

For Buyers:

How much of the rent is going to the down payment?
How locked in are you if you change your mind?
What will it cost you to get out of the deal?
How long will it take to accumulate enough of a down payment that you are likely to qualify for a mortgage?

Source: REALTOR® Magazine Online.