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Marin Housing Developments
 
Housing Opportunities
Families
Homeownership
 
 
 
  Section 8 HCV
Homeownership Program
Eligibility and Application
Rental Owners
Services for Participants
   
 
Step-by-Step Guide to Homeownership

The process of buying a home can often be confusing and stressful. But it doesn’t have to be! Marin Housing is committed to homebuyer education and to assisting first-time homebuyers to adequately prepare for the road ahead. The following eight steps are intended to help you, as a future homebuyer, to better understand and prepare for the homebuying process.

Step 1 The first step in preparing to buy a home is having a good foundation of money management. Basic money skills and budgeting are needed in order to get off on the right foot. Click here for information on money management and click here (para Español, clique aqui) for information on how to build and maintain credit.
 

Step 2

Familiarize yourself with the home loan process. It’s important to know what you are getting into and see if you are financially ready for homeownership. Consistency in employment is often required by lenders; history of permanent employment, as well as staying in the same field, is stressed. Click here for a helpful home loan guide. Para Español, clique aqui.

 
Step 3

 

Once you have a solid foundation, and some savings for downpayment and closing costs, see if you are prepared to own a home by reviewing the Housing and Urban Development’s Homebuying Checklist. Pay special attention to steps 1-4, and try out the different calculators.

 
Step 4

 

When you have decided to pursue homeownership, you will need credit and budget counseling to participate in some government homeownership assistance programs. Online counseling may be convenient, but check with your lender first to see if it will be accepted. Click here for our list of local counseling resources. Recursos para la consejeria en Espaňol esta aqui y aqui

 

Step 5

Apply to the BMR program to be entered into the BMR database. When a property becomes available for purchase,  a lottery will be drawn from the pool of eligible applicants based on appropriate household size (a 1-2 person household is eligible for a one bedroom,  2-3 persons for a two bedroom, etc.)  The applicants at the top of the list will be invited to an Open House and may then consider whether to proceed with the purchase process.

 

Step 6

Obtain financing through one of our participating lenders. Información sobre obtener un prestamo y evitar la explotación esta aqui.

 

Step 7

If selected; proceed through the process with BMR staff to become the buyer. This includes completing first-time homebuyer counseling, obtaining and finalizing financing, reviewing MHA resale restrictions and lots of signatures. Close of escrow means you can move in!

 

Step 8

 

Enjoy your new home! Click here for tips on avoiding foreclosure and here for a guide to home maintenance. Clique aqui por consejos para evitar perder su casa.


Updated: 1/23/2012
© 2002 Marin Housing Authority