Buying a Home

For most Americans, a home is the largest investment they will make in their lifetimes. The details - if, when and how to purchase a house - are important questions with few easy answers.

Key questions potential home-buyers need to ask include:

• How much can I really afford?
• What are my rights?
• How do I find the best loan?
• How do I find the best house?
• What is the role of a home inspector?
• How do I make an offer?
• What about insurance?

So, where do you start? A good realtor can assist a buyer maneuver through some the complexities. However, the more informed the buyer is, the better off he or she will be. For the U.S. Department of Housing and Human Development's (HUD) online "check-list," click here.

For anyone considering purchasing real estate, especially the first-time and low-to-moderate-income home buyers, it might be a good idea to consult a U.S. Department of Housing and Human Development (HUD)-approved housing counselor. To find one near you click here or call 1-(800) 569-4287.

In addition, HUD offers extensive information about local resources on two web sites. They are:

• "Homeownership: Ohio" from the U.S. Department of Housing and Human Development
• NID-HCA, a HUD approved Housing Counseling Agency

The Internet is full of information designed to help a prospective home buyer and assist with the difficulties of affording a house. A few are listed below.

Local and State Resources

• Cleveland Housing Network
• Homeownership from Cleveland Saves
• Weco Fund Programs
• "Home Finance News" from The Plain Dealer

National Resources

• 360 Degrees of Financial Literacy
• The Myvesta Foundation - Homes and Mortgage
• "Buying a Home" from the U.S. Department of Housing and Human Development
• Ginnie Mae or the Governmental National Mortgage Association, wholly owned corporation within the U.S. Department of Housing and Human Development (HUD), whose main purpose is to provide financial assistance to low-to-moderate-income homebuyers by promoting mortgage credit.
• Mortgage Bankers Association’s Home Loan Learning Center
• Freddie Mac

Support for MoneyWatch is made possible by Charter One Foundation. Research assistance for MoneyWatch is from Cleveland State University Nance College of Business Administration