These are the typical steps you take from start to finish. Different situations will vary the proceedure.

This is an approximate process for picking a home & lender, making the offer, doing an inspection, & closing your home. This process takes on average 28 days. Some closings happen quicker, some take longer. Things to be aware of are:

I.           Talk to a Real Estate Professional. Interview Realtors. Ask questions. Find a Realtor you trust. You  should feel that the realtor will work for you. Traditionally, Realtors are paid a commission by the Seller.

            A. Ask your Realtor to look for properties with requirements you want. Be realistic. Let them know:

                        1. How much you are able to afford? (max payment). All choices should be less than that. 

                        2. Where you want to live and the style of home? (Ranch or 1-level, Multi-level or 2 Story).

                        3. What the expenses will be?: Down payment, earnest money, inspection & appraisal costs .

            B. When you have decided to work with a Realtor sign a buyer agency contract . Let them work for you.

II.         Talk to a Mortgage Lender. Interview,thengive information on the phone to get Pre-Qualified ..

            A. Get an idea of the type of loan for your circumstances. Ask for Good Faith Estimate.

                         1. FHA (MIP) 3% down payment. (Down Payment assistance programs).

                        2. VA,  (VA Funding Fee can be rolled into mortgage) No down payment.

                        3. Conventional (PMI) up to 90% LTV.(FICO score driven) & 100% programs.

                        4. Seller can pay for closing and pre-paid costs on most programs if requested in offer.          

            B. The Mortgage Lender will ask you to bring in the following so the loan can be processed. Talk to them:

                        1.  Social Security card or number for Credit Score. (verbally needed for pre-qual)

                        2.  Bank Statements of checking, savings, and assets for approx. 2-3 months.

                        3.  Payroll Statements for the last 2-3 months. (verbally needed for Pre-Qual)

                        4.  VOEI. Verification Of Employment and Income. 2 yrs. preferred. (verbal for Pre-Qual)

            C.   Go in person to lender. Other docs many be needed. Bring paperwork for loan approval & commitment

            D.   Ask about special programs to help with Down Payment Assistance programs

                        1.  1^st Time home buyers Programs: Some of these will also support previous home buyers.

                                    a. CHFA Program:                             ( State program; class is required)

                                    b. City Second Program:                    (County program; class is required)

                                    c. Gold Program, CHAC,HART, or Nehemiah: (Buyers Assistance Programs)

                                    d. 203 K:                 FHA program to rehab and repair your new home. (min. $5,000)

III.       Now comes the selection and closing of your home. Use MLS (Multiple Listing Service ).

            A.   All Realtors put their listings on MLS. Have your Realtor pull up homes that meet your requirements.

                        1. Go through all the choices and select homes that match you choices.

                        2. Realtor makes appointments to visit and view homes you want to see. Take notes.

            B.  When one meets your requirements or you feel it is the ONE for you; write the offer .

                        1. This is negotiation. It includes terms, financing and dates needed to complete this process. 

                        2.  Research tax records and how long it has been on the market before writing the offer.

                        3.  Make offer reasonable & include earnest money check to be considered a viable offer.

            D.  Realtor takes in offer w/ pre-qualletter & earnest money to the Sellers Real Estate Company.

                        1.  Offer may be accepted, rejected or countered. If rejected or countered earnest money returned until both parties have reached an agreement (you are now under contract) or the offer is terminated. 

                        2.  If accepted, you will schedule a home inspection to inspect your future home. Do the inspection.

                        3.  The Mortgage company orders an appraisal. It is done to verify the home is worth the loan value.

            E.   After the inspection and appraisal are completed and conditions are satisfied, the loan can be closed.

                        1.  The paperwork goes to underwriting and your loan is processed and completed.      

            F.  The closing will take place at a Title Company. You, your agent, and closing agent should be present.

                        1. The sellers & their agent are usually present. The contract is read & verified that it was satisfied.

                        2..The closing agent will close the mortgage or loan side and the real estate side. (approx 1 hr.).