100 Q & A
ABOUT BUYING A NEW HOME
Dear Future Homeowner,
Homeownership is becoming a reality for more and more
Americans. During 1998, the US homeownership rate reached 66.8%, the highest
rate ever. Yet many Americans don't realize that homeownership is within their
grasp.
A home is a financial asset and more: it's a place to live
and raise children; it's a plan for the future; it's an investment in your
community. That's why we at the U.S. Department of Housing and Urban
Development want all Americans to have an opportunity to enjoy the benefits of
owning a home. And we are especially proud of our work to help first-time
homebuyers: thanks to our special programs, more than 76% of FHA-insured loans
went to first-time homebuyers during 1997.
Knowledge is said to open doors. This is literally true when
it comes to buying a home. To become a first-time homebuyer, you need to know
where and how to begin the homebuying process. The following questions and
answers have been carefully selected to give you a foundation of basic
knowledge. In addition to helping you begin, this article will give you the
tools necessary to navigate the entire process — from deciding whether you're
ready to buy, all the way to that final proud step, getting the keys to your
new home.
Reading this article is your first step. Now you can
use this information to determine if you're ready to buy a home. If you are
ready, contact a real estate agent, lender, or a housing counseling agency.
They can help you decide your next step. HUD's FHA has helped more than 26
million people become homeowners since 1934. We want to help you open the door
to your own home. After all, HUD and FHA are on your side.
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