STEPS TO OWNING A HOME THROUGH THE MASSACHUSETTS HOME OF YOUR OWN PROGRAM

1. Talk to people who you think would want to help you become a successful homeowner - friends, family, and service providers. Ask how they can work with you toward this goal. Develop a support team of people who will be there for you throughout the process of buying and owning a home.

2. Complete the application for the Home of Your Own Program. You will need to meet with a homebuyer counselor and your support team to complete some parts of the application, so be sure to leave yourself plenty of time.

3. Go to a homebuyer education workshop series and sign up for individual homeownership counseling to establish a personal budget and figure out what you can afford and are willing to spend on a home.

4. Work with the homebuyer counselor to evaluate your financial situation:

Credit

Do you have credit? Is your credit good? Can you develop credit?

Ä use the form letter in your application packet to request a free credit report

Ä if you do not already have credit, establish an account at a local store or through a cash reserve credit card

Ä if you live at home or in an apartment, have one or more utility bills put in your name

Ä pay all your bills on time.

Income

How much can you expect to earn through employment or receive in state or federal benefits in the future?

Savings

Open a bank account. Begin to make regular deposits, even if they are very small.

Down Payment

Think seriously about how much money you will have for a down payment. The greater your down payment, the less your monthly mortgage payments will be. Religious congregations, civic organizations, municipal homeownership or disability offices, local chambers of commerce, and employers are some of the organizations that may be able to help you.

5. Think seriously about where, how, and with whom you wish to live, for example:

Ä do you want a roommate?

Ä do you want to rent first and think about owning a house later?

Ä do you want to stay near where you live now or move?

Ä do you like the country, city, or suburbs?

Ä will you want or need a personal care assistant (PCA) to live with you sometimes? All the time?

Ä do you want to live in a condominium development with other households, or in a single-family house?

Ä how will moving affect your medical, service, and social needs?

6. Work with your friends, family, and service providers to develop a plan to receive support in your new home, if needed.

7. Begin working with a real estate broker to find a home.

8. Work with the homebuyer counselor to prepare to apply for a mortgage and down payment assistance.

9. Find a home, make an offer, negotiate a price.

10. Hire an attorney to help you execute a contract of sale. Sign the contract (a purchase and sale agreement). Before closing you will need the attorney to check the property¼s title.

11. Submit your mortgage application and supporting materials to a lender. Get a mortgage.

12. Have the home inspected by a home inspector. The lender¼s appraiser will also inspect the property.

13. Get homeowners insurance.

14. Finalize your plan to receive support, if necessary.

15. Prepare for closing by checking to be sure that you have your down payment money, insurance, taxes, mortgage fees, attorney fees, reserves, and any other necessary funds in place.

At the closing you will sign all of the papers that make your new home yours.

16. Move into your new home.

17. Pay the mortgage every month and make repairs as needed. Keep in touch with the homebuyer counselor as questions arise.