Blueprint to buy: an at-a-glance overview of the homebuying process

Step 1: Think About What You Can Afford

  • Get a clear picture of in come and expenses
  • Obtain a copy of your credit report
  • Determine your monthly budget for mortgage payment and household expenses

Step 2: Enroll in Homebuyer Education

  • Understand the complexities of buying a home
  • Prepare yourself for the responsibilities of homeownership
  • Find a course near you at

Step 3: Check Eligibility for a Mass Housing Loan

  • Visit
  • Check to verify that your income and desired property cost are within MassHousing’s limits.

Step 4: Get Pre-approved

  • Contact a MassHousing approved bank or mortgage lender to be pre-approved
  • Pre-approval is a review of your qualifications for a mortgage
  • A pre-approval letter improves your chances of having an offer be accepted
  • Find a MassHousing-approved lender at

Step 5: Find an Affordable Property

  • Commit to looking only at properties you know you can afford
  • Consider location (including schools, transit access and other amenities)
  • Visit open houses, search real estate listings and work with a REALTOR®

Questions on the steps? Visit for answers, or to reach out to a member of our team.

Step 6: Make an Offer

  • A REALTOR® can help you submit an offer and negotiate with the seller
  • Time to find an attorney that specializes in residential real estate
  • Be ready with a deposit, sometimes called “earnest money”

Step 7: Apply for a Mortgage Loan

  • Once your offer is accepted, work with a trust worthy lender to obtain a loan
  • Find MassHousing-approved lenders at
  • Be sure you understand all of the loan’s terms
  • Key elements include interest rate(fixed or adjustable), rate locks, mortgage insurance, closing costs
  • Have your attorney review the purchase and sale agreement.

Step 8: The Home Inspection

  • Don’t skip this critical step! You need to know the condition of the home you’re buying
  • Use the inspection as an opportunity to learn about your home.
  • Don’t be afraid to ask questions

Step 9: The Closing Process

  • Conduct a walk-through of the property within 24 hours of closing to ensure that the property is in acceptable condition
  • Your lender, REALTOR® and attorney will schedule the loan closing
  • Be ready to sign alot of documents and bring a cashier’s check for your down payment
  • Be sure you understand what you’re signing

 Step 10: Enjoy

  • Enjoy your new home!


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