How-to-Buy-Your-First-Home.pdf

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How to Buy Your First Home
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How to Buy
Your First Home
by Diana Brodman Summers
Attorney at Law
S PHINX ® P UBLISHING
A N I MPRINT OF S OURCEBOOKS , I NC . ®
N APERVILLE , I LLINOIS
w w w. S p h i n x L ega l . c o m
 
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Copyright © 2003 by Diana Brodman Summers
Cover and internal design © 2003 by Sourcebooks, Inc. ®
All rights reserved. No part of this book may be reproduced in any form or by any elec-
tronic or mechanical means including information storage and retrieval systems—except
in the case of brief quotations embodied in critical articles or reviews—without permis-
sion in writing from its publisher, Sourcebooks, Inc. ® Purchasers of the book are granted
a license to use the forms contained herein for their own personal use. No claim of copy-
right is made in any government form reproduced herein.
First Edition, 2003
Third Printing: November, 2003
Published by: Sphinx ® Publishing, An Imprint of Sourcebooks, Inc. ®
Naperville Office
P.O. Box 4410
Naperville, Illinois 60567-4410
630-961-3900
Fax: 630-961-2168
www.sourcebooks.com
www.SphinxLegal.com
This publication is designed to provide accurate and authoritative information in regard
to the subject matter covered.It is sold with the understanding that the publisher is not
engaged in rendering legal, accounting, or other professional service. If legal advice or
other expert assistance is required, the services of a competent professional person
should be sought.
From a Declaration of Principles Jointly Adopted by a Committee of the
American Bar Association and a Committee of Publishers and Associations
This product is not a substitute for legal advice.
Disclaimer required by Texas statutes.
Library of Congress Cataloging-in-Publication Data
Summers, Diana Brodman.
How to buy your first home / by Diana Brodman Summers.-- 1st ed.
p. cm.
ISBN 1-57248-328-8 (pbk. : alk. paper)
1. House buying--United States. 2. Residential real
estate--Purchasing--United States. 3. Mortgage loans--United States.
I. Title.
HD259.S86 2003
643'.12'0973--dc21
2003004573
Printed and bound in the United States of America.
VP Paperback — 10 9 8 7 6 5 4 3
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Contents
Acknowledgements . . . . . . . . . . . . . . . . . . . . . . . . . . . v
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . vii
Section 1: PRELIMINARIES
Chapter 1: Buying versus Renting . . . . . . . . . . . . . . . . . 3
Chapter 2: Qualifying Yourself for a Mortgage . . . . . . . 11
Chapter 3: Calculating What You Can Afford . . . . . . . . 19
Chapter 4: Qualifying the Neighborhood . . . . . . . . . . . 25
Section 2: SEARCHING FOR YOUR HOME
Chapter 5: Deciding which House Features
Are Important . . . . . . . . . . . . . . . . . . . . . . 36
Chapter 6: Working with
Real Estate Agents and Brokers . . . . . . . . . . 43
Chapter 7: Handling the Emotional Side of a
Home Purchase. . . . . . . . . . . . . . . . . . . . . 57
Section 3: FINANCES
Chapter 8: Explanation of Mortgage Basics. . . . . . . . . . 65
Chapter 9: Government Agencies and the Secondary
Mortgage Market . . . . . . . . . . . . . . . . . . . . 77
Chapter 10: Additional Sources of Money. . . . . . . . . . . 83
Chapter 11: VA Guaranteed Home Loans . . . . . . . . . . . 89
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iv
how to buy your first home
Section 4: THE BUYING PROCESS
Chapter 12: The Legal Side of Real Estate. . . . . . . . . . . 97
Chapter 13: The Offer . . . . . . . . . . . . . . . . . . . . . . . 101
Chapter 14: Appraisers, Inspectors, and
Homeowners Insurance. . . . . . . . . . . . . . 107
Chapter 15: The Closing . . . . . . . . . . . . . . . . . . . . . . 113
Section 5: THE FUTURE
Chapter 16: Enjoying Your Home . . . . . . . . . . . . . . . 121
Chapter 17: Foreclosure and How to Avoid it . . . . . . . 127
STAYING POSITIVE. . . . . . . . . . . . . . . . . . . . . . . . . . . . 133
Glossary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135
Appendix A: State Offices of Real Estate Regulation. . . 153
Appendix B: HUD-1 Settlement Statement . . . . . . . . . 159
Appendix C: Internet Sites by Subject . . . . . . . . . . . . 163
Appendix D: Worksheets . . . . . . . . . . . . . . . . . . . . . 167
Appendix E: VA Guaranteed Loan . . . . . . . . . . . . . . . 179
Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191
About the Author. . . . . . . . . . . . . . . . . . . . . . . . . . . 197
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