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Housing >  Buying a Home   Read information about your legal rights. There are 36 resources     Weighing the Options      100 Questions and Answers About Buying a New Home This web page from the web site of the Department of Housing and Urban Development, answers common questions about buying new homes. By: U.S. Department of Housing and Urban Development     Other Formats:   Separate Website     Read this in: Spanish / Español           Brochures for the Home Buyer/OwnHome Program of the Georgia Department of Community Affairs (Separate Website) DCA's Home Buyer & OwnHOME Loan Programs are available to qualified borrowers statewide who meet certain income restrictions and who are purchasing homes within certain purchase price restrictions. In addition, borrowers must have modest assets and the willingness to repay the loan. DCA's Steps to Becoming a Home Owner can help potential home buyers learn more about the home buying process. Go to this web site to get brochures and workbooks (in English and Spanish)which you may download and print out in PDF format. By: Georgia Department of Community Affairs (DCA)           Buying vs. Renting a Home (Separate Website) There are many advantages to buying a home versus renting one. This web site helps you compare the two situations. View these advantages in the Buy vs. Rent Comparison Chart, or view a financial comparison of buying versus renting in the Buy vs. Rent Calculator. By: Ginnie Mae           Common Questions of First-time Homebuyers (Separate Website) This document contains frequently asked questions that first-time homebuyers have about purchasing a home. By: U.S. Department of Housing and Urban Development     Read this in: Spanish / Español           Life Skills for Homeowners and Renters Whether you own your own home or rent a house or apartment, there are a number of things you need to know and do to protect yourself from things like eviction, foreclosure, or overpaying for services. This guide sets out a number of life skills that you need to keep in mind in your daily business. By: Atlanta Legal Aid Society       Read this in: Spanish / Español           Workbook for First-Time Homebuyers: A Home of Your Own (Separate Website) This workbook describes the steps to take to prepare yourself for home-ownership and walks you through the process of purchasing your own home in Georgia. The document may be downloaded in PDF format. The workbook was developed by the Consumer Credit Counselling Services of Greater Atlanta, Inc. under contract to the Georgia Department of Community Affairs. By: Georgia Department of Community Affairs (DCA)     Read this in: Spanish / Español          Homeownership Programs      Federal Mortgage Programs (Separate Website) This document contains information about federal programs to help you purchase your own home with a low-cost mortgage. HUD's Federal Housing Authority (FHA) has mortgage insurance to help you become a homeowner. FHA doesn't actually make loans. Instead, it insures loans so that if buyers default for some reason, the lenders will get their money. This encourages lenders to give mortgages to people who might not otherwise qualify for a loan. You may be able to get an FHA loan 3% down, or even less! Talk to an FHA-approved lender about itto see if an FHA loan might be right for you. By: U.S. Department of Housing and Urban Development (HUD)     Read this in: Spanish / Español           Ginnie Mae Homeownership Center (Separate Website) This web site provides information about (1) mortgages, including mortgate math, (2) choosing a home, real estate agent, and mortgage loan, (3) the process and paperwork involved in getting a mortgage, (4) the process and paperwork involved in closing on a home, and (5) credit counseling. By: Ginnie Mae           HOME Investment Partnerships Program (Separate Website) HOME provides formula grants to States and localities that communities use?often in partnership with local nonprofit groups?to fund a wide range of activities that build, buy, and/or rehabilitate affordable housing for rent or homeownership or provide direct rental assistance to low-income people. By: U.S. Department of Housing and Urban Development     Read this in: Spanish / Español           Officer Next Door Homeownership Opportunity (Separate Website) The U. S. Department of Housing and Urban Development (HUD) wants to make American communities stronger and to build a safer nation. Public safety improves when police officers live in a neighborhood. The Officer Next Door (OND) program helps make this goal a reality by making homeownership faster and more affordable for Law Enforcement Officers. By: U.S. Department of Housing and Urban Development     Read this in: Spanish / Español           Teacher Next Door Homeownership Opportunity (Separate Website) The U. S. Department of Housing and Urban Development (HUD) wants to make American communities stronger. The Teacher Next Door (TND) program is designed to further this goal by encouraging teachers to buy homes in low and moderate-income neighborhoods. By: U. S. Department of Housing and Urban Development (HUD)     Read this in: Spanish / Español           Programs in the State of Georgia that make Homeownership Affordable (Separate Website) The Georgia Department of Community Affairs' (DCA) Home Buyer & OwnHOME Loan Programs are available to qualified borrowers statewide who meet certain income restrictions and who are purchasing homes within certain purchase price restrictions. In addition, borrowers must have modest assets and the willingness to repay the loan. DCA's Steps to Becoming a Home Owner can help potential home buyers learn more about the home buying process. By: Georgia Department of Community Affairs (DCA)           Rural Housing Service Section 502 Program Section 502 loans are primarily used to help low-income individuals or households purchase homes in rural areas. By: Georgia Legal Services Program             The Nehemiah Program (Separate Website) The Nehemiah Program® exists to help people become homeowners. The Nehemiah Program® provides gift funds for down payment and closing costs to qualified buyers using an eligible loan program, such as FHA. Gift funds of 1% to 6% of the contract sales price can be requested, depending on the particular needs of the buyer. By: The Nehemiah Program          Your Credit      Affordability Calculator: How Much Can You Spend to Buy a House? (Separate Website) This web site allows you to calculate how much you can afford to spend on a home. By: Ginnie Mae           Basics of Borrowing and Credit in Georgia This document discusses the basic law relating to borrowing and credit, including: What do people do when they do not have the cash to buy something they need? What is credit? What is the difference between a loan and a credit sale? What is the difference between secured and unsecured credit? What is open-end credit? What is closed-end credit? What do you do if you find a mistake in your monthly credit card statement? The document is excerpted from An Introduction to Law in Georgia, Fourth Edition, published by the Carl Vinson Institute of Government, 1998 (updated 2004). By: Carl Vinson Institute of Government, University of Georgia     Read this in: Spanish / Español           Basics of Obtaining Credit in Georgia This document discusses the basic law relating to borrowing and credit, answering the following questions: How do you get credit if you do not have it? What happens if your credit report is wrong? What if you are denied credit because of discrimination? How much does credit cost? What does a creditor have to disclose to you before you sign up for a credit card? How do usury laws regulate credit cards? The document is an excerpt from An Introduction to Law in Georgia, Fourth Edition, published by the Carl Vinson Institute of Government, 1998 (updated 2004). By: Carl Vinson Institute of Government, University of Georgia     Read this in: Spanish / Español          Finding Your New House      Finding a Home to Buy (Separate Website) Looking for a home is an exciting project, one which will take time to thoroughly research. Do you know what you want in a home? How will you match what you are looking for in a home with the features that the homes on the market have? The following is a list of some of the items you may consider: (1) Size of home, number of bedrooms, baths, (2) Region of the country; which city? (3) Location of home; is it close to schools and shopping? (4) Type of home, (5) Age of home This web site contains more information about these types of considerations. By: Ginnie Mae           Georgia Fair Housing Law (Separate Website) The Georgia Fair Housing Law prohibits discrimination in housing and housing-related activities because of a person?s race, color, national origin, sex, familial Status (children under 18), and disability. By: Georgia Department of Community Affairs     Read this in: Spanish / Español           Home Purchase Traps: Problems to Avoid When You Buy a Home Buying a house is part of the American Dream. Many first-time homebuyers are so eager to fulfill that dream that they leap into the housing market ready to take the first good deal that comes their way. But the housing market is full of 'good deals' that are really traps to catch the unwary and take their money. This brochure will help you recognize and avoid these traps so that your new home doesn't turn out to be more - or less - than you bargained for. By: Atlanta Legal Aid Society             Homes for Sale (Separate Website) Several federal agencies have properties to sell. In fact, HUD sells both single family homes and multifamily properties. Check them out - one might be just what you're looking for! By: U.S. Department of Housing and Urban Development     Read this in: Spanish / Español           HUD Homes (Answers to Common Questions) (Separate Website) This web page explains how to buy a HUD Home and provides links to properties that are available near you for purchase from HUD. When someone with a mortgage insured by the Department of Housing and Urban Development (HUD) can't meet their payments, the lender forecloses on the home. HUD pays the lender what is owed and HUD takes ownership of the home. Then HUD sells it at market value as quickly as possible. By: U.S. Department of Housing and Urban Development     Read this in: Spanish / Español           Making the Purchase of a Home (Separate Website) What happens when you've found your dream home and qualified for the loan? You will begin what is known as the closing or settlement process. The closing process is the period between the day you receive your loan approval and the day you finalize the purchase of your home. This web site tells you more about the closing process. By: Ginnie Mae           Purchase and Sale Contract to Buy a Home (Separate Website) This purchase and sale contract establishes your rights and obligations and also provides for penalties for non-performance or default. In Georgia, a contract for the purchase and sale of real property must be in writing to be enforceable. There is no one standard contract form in this state, but the most widely used form is one published by the Georgia Association of Realtors. No matter which preprinted, fill-in-the-blank form you use, it should address a number of issues. . . By: Georgia Real Estate Closing Attorneys Association           Title Insurance (Separate Website) A title insurance policy covers or protects the owner of the policy against claims involving ownership of the property, liens against the property and marketability of the property. There are two types of policies: lender's, or mortgagee, and owner's. All lenders require title insurance for the amount of the loan to protect them against the above claims. In Georgia, unlike some states, a seller is not required to provide an owner's title policy to the purchaser. By: Georgia Real Estate Closing Attorneys Association           Homebuyer Education Agencies (Separate Website) Attending a Home Buyer Education Seminar, Workshop or Pre-purchase Counseling session is usually required for first time home buyers. Even if not required, attending a home buyer education presentation will be beneficial in learning the people you will encounter as well as what should happen with each step to your dream of home ownership. By: Georgia Department of Community Affairs (DCA)           Homeownership 101 (Separate Website) In this section, you will learn some of the basics of buying a home, including choosing the right mortgage. By: Ginnie Mae           Buying a Home This document describes the basic process for buying a home, answering the following questions: What kind of property should you buy? How do you look for a house? What are the steps you must go through before you buy a house? What are the usual terms you find in a real estate contract? How do you pay for your new house? How do you check the title for the property you are buying? What happens if you can't repay the loan? The document is an excerpt from An Introduction to Law in Georgia, Fourth Edition, published by the Carl Vinson Institute of Government, 1998 (updated 2004). By: Carl Vinson Institute of Government, University of Georgia     Read this in: Spanish / Español           Buying a Home - State Bar of Georgia Consumer Pamphlet (Separate Website) So you want to buy a home. It?s a big decision! How do you know you?re doing the right thing? We?ve all heard the horror stories, but instead of worrying, there are things you can do to make it a positive experience. First, consider consulting an attorney. Buying a house is complicated. But it doesn?t have to be overwhelming, especially if you have a legal professional on your side, looking out for your interests. Ensuring the peace-of-mind that comes with an attorney?s services is every bit as valuable to a homeowner as locking in the best possible interest rate. The following are the basics of buying. By: State Bar of Georgia          Choosing the Right Loan      Applying for a Loan (Separate Website) Once you have negotiated a final purchase offer with the seller, you are ready to finalize the loan application process. Under RESPA (Real Estate Settlement Procedures Act), lenders are legally required to provide you with a good faith estimate within three days after receiving your application. The information gives you an estimate of your closing costs and monthly payments. This good faith estimate does not require lenders to provide a detailed breakdown of the closing cost items or to identify the persons responsible for the payments. Therefore, it is important for you to work with your real estate agent or attorney to understand all the closing cost fees. This will ensure that there are no significant surprises related to your final closing costs. By: Ginnie Mae