The homebuying process can seem complicated, but if you take things step-by-step, you will soon be holding the keys to your own home!

Step 1: Figure out how much you can afford
What you can afford depends on your income, credit rating, current monthly expenses, downpayment and the interest rate. The calculators below can help, but it is best to visit a lender to find out for sure.

Need help with your downpayment and/or closing costs?
A housing counselor can help you figure out how to manage and pay off your debt, and start saving for that downpayment!

Save money by doing your homework. Talk to several lenders, compare costs and interest rates, negotiate to get a better deal. Consider getting pre-approved for a loan.

FHA loan programs offer lower downpayments and are a good option for first-time homebuyers

If you choose a home in a neighborhood with a Home Owners Association (HOA), be sure to request a copy of the HOA packet, so you can review before closing.

Discuss the process with your real estate agent. If the seller counters your offer, you may need to negotiate until you both agree to the terms of the sale.

Make your offer contingent on a home inspection. An inspection will tell you about the condition of the home, and can help you avoid buying a home that needs major repairs.

Lenders require that you have homeowners insurance. Be sure to shop around.

You're finally ready to go to "settlement" or "closing." Be sure to read everything before you sign!

Click here to learn more about mortgage rates in your state: Mortgage Rates