Foreclosure
Nine steps to buying a Rhode Island home »
- Figure out how much you can afford
- Know your rights
- Shop for a loan
- Learn about homebuying programs
- Shop for a home
- Make an offer
- Get a home inspection
- Shop for homeowners insurance
- Sign papers
Step 1: Figure out how much you can afford
What you can afford depends on your income, credit rating, current monthly expenses, downpayment and the interest rate. The calculators below can help, but it is best to visit a lender to find out for sure.
| How much home can you afford? | |
| Buying vs. Renting |
Need help with your downpayment and/or closing costs?
| Homebuying programs in your state |
A housing counselor can help you figure out how to manage and pay off your debt, and start saving for that downpayment!
| Find a housing counselor near you |
Step 2: Know your rights
| Fair Housing: Equal Opportunity for All - brochure | |
| Real Estate Settlement Procedures Act (RESPA) | |
| Borrower's rights | |
| Predatory lending |
Step 3: Shop for a loan
Save money by doing your homework. Talk to several lenders, compare costs and interest rates, negotiate to get a better deal. Consider getting pre-approved for a loan.
| Looking for the best mortgage: shop, compare, negotiate - brochure | |
| Let FHA help you | |
| Why Ask for an FHA Loan? | |
| Learn about interest only loans |
Step 4: Learn about homebuying programs
| Homebuying programs in your state |
FHA loan programs offer lower downpayments and are a good option for first-time homebuyers.
| Let FHA help you | |||||||||
HUD's special homebuying programs
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Step 5: Shop for a home
| Choose a real estate agent | |
| Wish list - what features do you want? | |
| Home-shopping checklist – take this list with you when comparing homes | |
| Homes for sale (including HUD homes) | |
| "Fixer-uppers" - home purchase and repair programs | |
| Manufactured (mobile) homes | |
| Build a home |
If you choose a home in a neighborhood with a Home Owners Association (HOA), be sure to request a copy of the HOA packet, so you can review before closing.
Step 6: Make an offer
Discuss the process with your real estate agent. If the seller counters your offer, you may need to negotiate until you both agree to the terms of the sale.
| Making an offer |
Step 7: Get a home inspection
Make your offer contingent on a home inspection. An inspection will tell you about the condition of the home, and can help you avoid buying a home that needs major repairs.
| For Your Protection Get a Home Inspection | |
| 10 Questions to ask a home inspector |
Step 8: Shop for homeowners insurance
Lenders require that you have homeowners insurance. Be sure to shop around.
| Homeowners insurance | |
| 12 ways to lower your homeowners insurance costs |
Step 9: Sign papers
You're finally ready to go to "settlement" or "closing." Be sure to read everything before you sign!
| Settlement Costs and Helpful Information |
Rhode Island »
Rhode Island officially named the State of Rhode Island and Providence Plantations, is a state in the New England region of the northeastern United States of America. It is the smallest state by area, and the 8th smallest by population. Its official name is the longest official name of any U.S. state. Rhode Island was the first of the thirteen original American colonies to declare independence from British rule, signaling the start of the American Revolution; it was also the first state that engaged in armed hostilities with British property and authorities.....
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