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You are here: Home Become A Homeowner What are my Next Steps?

What are my Next Steps?

how to buy your first home, how to a buy a home, how to buy a homestead home, buying a home through a community land trust program

1. Determine your Eligibility. Find out if you are eligible by reviewing our eligibility requirements.

2. Learn more about our program. Review our online orientation.

3. Apply. Fill out Homestead’s online pre-application.

4. Wait and check your email.

If you are determined to be eligible, based on the information you've provided in the on-line application you will be added to our interest list and will receive exclusive emails about homes for sale, as soon as they come available.

If we have questions about your application (typos do happen) we will be in touch.

You will be notified if you are determined to be ineligible - income/ assets too low or income too high.

WHILE YOU'RE WAITING

GET EDUCATED.   Take a Washington State Housing Finance Commission sanctioned First Time Homebuyer’s class (for free!). This is a requirement to move forward in our process.

TALK TO A LENDER. Understand what you can afford by applying to a participating mortgage lender. Once you have a pre-approval, we will re-affirm whether you qualify and work with what you can afford.

CONTINUE TO SAVE. In addition to your downpayment there are many other costs associated with buyer a home. Learn more about those costs here.

CONTINUE TO PAY OFF DEBT. You should aim to have monthly debt obligations of less than 5% of your gross monthly income.

5. Express your Interest. If or when you see a home on the website that you're interested in, let us know! If you see a home in one of our emails that you are interested in follow the instructions in that email.

6. Submit additional documentation. When you have identified an available home that you're interested in and you can afford (you know you can afford it because you've met with a lender and they have pre-approved you for a loan) you must submit the additional documentation listed here.

 

 


taken at Annual Celebration 2014

Buying your first home is a big step, we can help.