steps to homeownership

Buying a home is a big commitment. We understand you might feel overwhelmed. A great place to start is to compare the pros and cons of homeownership versus renting, as well as understand the true costs of homeownership.
 
​We also recommend that you sign up for CHFA's Your Road Home monthly eNewsletter for prospective homebuyers. This resource offers an inside look into the homebuying process, including frequently used terms and timely topics.

You should consider developing a budget. A budget will help to encourage savings, prepare you for unexpected expenses, identify spending that doesn’t align with your values, and accomplish your goals. In addition, it will help you be financially prepared for the up-front costs of buying a home, as well as meet the ongoing costs of homeownership. Not sure where to start? Here's a sample budget to help you get going. 

Credit is critical to the homebuying process. Your credit history has information on how you borrow money, use credit, and pay it back. Your credit, your credit scores, and how wisely you shop for a loan that best fits your needs may have a significant impact on the mortgage interest rate and the fees you pay. Learn how to read your credit report and learn how credit affects the homebuying process. 

Your home is one of the biggest purchases of your life, and it’s understandable that you might be intimidated. That’s why taking a homebuyer education class early in the process is essential. The class will help you learn about the homebuying process, as well as what it takes to succeed as a homeowner.

CHFA-sponsored homebuyer education is offered through housing counseling agencies across the state. Online and in-person classes are available. In-person classes are free. Register for a class today!

You should be comfortable and confident in the lender you choose. Remember, you are in charge of selecting your lender and they are working for you—ask as many questions as you need to feel secure. We recommend you interview at least three mortgage lenders. View a list of suggested questions.

A lender will provide you with a pre-approval and/or a prequalification. Learn the differences between each. 

To find a CHFA Participating Lender in your area, click here.

So what kind of loan should you get? There are many loan programs and you need to find the loan program that best suits your current and future financial goals. And remember, you don’t need to put 20 percent down to buy a home. Some down payment requirements are as low as 3 percent. Plus, there are down payment assistance options that you may qualify for from CHFA and other organizations.

Homebuyer education classes and speaking with a mortgage loan professional are great ways to learn about all the options available. Register for a class or speak with a CHFA Participating Lender today!

Once you’ve determined you are ready to buy a home, choosing the right real estate agent is important to help you find the home you want. They should help you find homes that meet your must-have requirements while staying within your budget. A real estate agent will set up showings, provide market analyses for competing and sold listings, prepare offers, and handle negotiations on properties.

Remember, the real estate agent works for you—you are in control of the process.  Click here to learn how to select a real estate agent, including the right questions to ask to help find the one best suited to your needs. 

You’ve selected your home and your offer has been accepted; you are in the final stretch. You will be reviewing and signing many documents. Before you sign any document, review it and ask questions if the document is unclear to you. In addition, pay attention to deadlines and dates for items that need to be completed to purchase the home and to obtain your loan. It is very important all requirements are completed in a timely manner, including those deadlines listed in the purchase contract.

Click here to learn more about the documents you will sign at closing.  

Congratulations—you’re a homeowner! You have accomplished quite a bit, but remember this is just another beginning, and CHFA is still with you.


Here are tips on successful homeownership, including regular preventative maintenance you should perform every year you own your home.

 
As a CHFA customer, you will now receive our quarterly newsletter, CHFA Homeowner, which shares tips on building savings, home improvement and maintenance, credit, and more!  It is automatically delivered to you in print, but if you would like to receive it electronically instead once available, sign up now.