- There are a few steps you must follow if you want to buy a home in the United States.
- This is a kind of guide that helps you know what you need in order to buy.
- The federal government has programs that make it easy to buy a home.
Congratulations on deciding to buy a house!
Owning a house is the dream of many Hispanics in the United States. MundoHispánico, after having reviewed important information from the Federal Government, provides you with a guide to help you understand the process of buying a home.
Find the ideal home. Make a list of everything you would like to have in your home. Be open to the possibility that your first home may not have everything you dreamed of.
Consider hiring a realtor, who will help you determine how much to offer for the home based on comparative listings of homes sold in the area. The agent will also tell you how to make an offer to buy.
If you’ve already decided that buying is better than renting, organize your finances. Determine how much money you have for the purchase based on your income and savings.
Don’t forget to consider the money for the down payment and the monthly installments that you will have to pay. Start preparing with these steps.
Submit an offer
Once your finances are ready and you have chosen a home, submit an offer. Include a “loophole” clause or condition stating that the offer may change after the home inspection.
You can hire the services of an inspector to evaluate the condition of the house such as the conditions of the structure, construction and mechanical systems. It will also tell you if repairs or changes are needed.
If the professional inspector detects serious problems in the home and you included the “loophole” clause, you may decide not to buy the home or to renegotiate the price. This is the negotiation between buyers and sellers to arrive at the sale price they want.
In some cases, the seller may repair the home’s problems before the sale or the price may be reduced.
Get a loan
The mortgage is the money that you are going to borrow from the lender.
Before making any decisions, learn about the types of home loans.
Federal Government Programs
More Affordable Home Loans: The Federal Housing Administration (FHA) runs a program to help you with your first purchase. This program is known as FHA loans, and it makes home credit easier for certain buyers.
HUD Home Buying: HUD operates the Housing Choice Voucher Program (also known as Section 8) to help low-income people rent affordable homes. This same program can also be used to buy one of the homes offered.
With information from USA.GOV in Spanish
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