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Five Rules for Home Buyers

Category: Home Buying & Homeownership Preservation


Stop looking at homeownership as an idyllic dream. If you don’t, you may end up waking in the middle of a real nightmare.

  • Becoming a homeowner is being able to buy a dwelling called a house (single family, condo, multi-family, mobile home, manufactured home) where you will enjoy a physical space designed to eat, sleep, rest, work, gather with family and friends, and in some cases, accumulate equity in the property.
  • Make sure you understand the home buying process including how to qualify for a mortgage loan.
  • Buy only what you can afford and remember that in some cases renting makes more sense than buying.
  • Most people will need help understanding the documents, terms, disclaimers, conditions and obligations when signing a mortgage loan. Seek help from reputable sources and get in touch with an approved housing counseling agency. Visit HUD’s site for a list of nonprofit housing counseling agencies in your area.
  • Your goal is to become a homeowner on terms that are affordable and sustainable. Homeownership is a great option if you have the knowledge and resources to make your largest investment work for you.

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