Rhode Island First Time Home Buyer

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Baltimore Housing

Mortgage payments a worry

Many in survey also fear value of homes is dropping

One in 7 mortgage holders worry that they might soon fail to make their monthly payments and even more fret that their home's value is shrinking, according to a poll showing widespread stress from the nation's housing crisis.

Read the story » Mortgage payments a worry

Housing crisis hits too close to home

Let's be clear here: We're not talking about people who foolishly bought more house than they could afford, or took out a subprime mortgage that they didn't understand or gambled that an adjustable rate loan that started low wouldn't ever, duh, adjust upward.

Read the story » Housing crisis hits too close to home

Widespread stress among homeowners, poll shows

1 in 7 worry they may not be able to make monthly payments within 6 months

One in seven mortgage holders worry they may soon fail to make their monthly payments and even more fret that their home's value is shrinking, according to a poll showing widespread stress from the nation's housing crisis.

Read the story » Widespread stress among homeowners, poll shows

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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...

Nine steps to buying a Rhode Island home

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

	Good Neighbor Next Door (formerly known as Teacher/Officer/Firefighter Next Door)
	Hurricane Evacuees discounted sales
	Homeownership for public housing residents
	Indian Home Loan Guarantee Program (Section 184)

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.