Buying Your First Home

Buying your first home can be very exciting and, for some people, overwhelming.

The good news is that there are lots of resources available to help you learn about home buying your first home and address any issues that are specific to your situation.

There are also national, state and local government agencies that offer information and advice for homebuyers.

The Department of Housing and Urban Development (HUD) has resources to help you at each stage of the process including how to shop for a mortgage loan, how to make an offer on a home, choosing the right insurance and having your home inspected before you buy. Through their website (www.hud.gov) you can learn about your rights when buying a home and you can find out about special HUD programs offered in Colorado that can help with down payments and loans.

If you are considering buying a newly built home, or building one yourself, you may want to consult the website for the National Association of Home Builders, (www.nahb.org). Their consumer section can help you with everything from floor plans to financing. They also offer advice on how to pick the right builder and options for making your new home energy efficient.

Down Payment Assitance

Saving for a down payment is the number one barrier to homeownership. Studies show that 70% of Americans don’t know that there are down payment and closing cost programs, affordable first mortgages, mortgage credit certificates, grants and many other programs available in every community.

The Colorado REALTOR® Down Payment Program is a free tool that helps you discover down payment programs that fit your personal situation.

Use a REALTOR®
As with any significant purchase or complex legal transaction, it’s advisable to work with a knowledgeable professional, in this case, a REALTOR®. REALTORS®, who are members of the National Association of REALTORS®, receive advanced training in all aspects of real estate and can help you through each of the steps in finding, buying and moving into your first home.
When you purchase a home you are investing in your own future – and it is a very significant investment. Take the time to be educated about home buying and home ownership through these and other resources.