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 www.masshousing.com/homebuyer

Step 3: Check Eligibility for a Mass Housing Loan

• Visit www.masshousing.com
• 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 www.masshousing.com/banks

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 www.masshousing.com 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 www.masshousing.com/banks
• 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!