Written by Nikki Smith | 07 May 2010

Buying a home is an important financial decision that should be considered carefully. Homebuyers must become familiar with the various stages of the home-buying process, including deciding whether it's the right time to buy a home or not and factors to consider in determining how much they can afford to spend. 

Learning about the sales agreement, how to use a Good Faith Estimate to shop for the best loan optins, required settlement services to close the loan and the HUD-1 Settlement Statement received at closing will increase the odds of a happy transition from renter to homeowner.
 

 

Find this graphic, along with valuable pages of information about the homebuying process, in HUD's Settlement Cost Booklet, updated in March 2010.