uying a home is one of the biggest accomplishments that you can achieve in your life. It can be a long but exciting process and there are many organizations in the area that can help you become a homeowner.

Finding a Lender and Pre-Approval

First you should decide how much you can afford to pay per month. After making this decision, you should shop around for interest rates at different banks and organizations that offer home loans or mortgages. When you find an acceptable rate, you should meet with a loan officer from that company and have him/her explain to you how much of a total loan you are eligible for and will be able to afford.

You should also discuss different options for down-payment and closing costs. These can add up very quickly and can cost thousands of dollars. The Federal Government and the state of Virginia offer many programs to help first-time home buyers with these costs. When you find the plan that best fits your needs, the loan officer can pre-approve you for a certain amount and then you can begin shopping around for a home in that price range.

Shopping

You can look for a home on your own, but it is usually easier to enlist the help of a realtor. Realtors have access to most of the homes for sale in their areas and can show you the ones in your price range. Also, be very careful about the location of your home. You may want to resell this home one day, and the value may decrease over time if it is in a bad location. Once you find your "dream home" you can move to the next step.

Buying and Closing Processes

When you find the home that you love and can afford, the time comes for you to put an offer (or bid) down on the property. If the owner accepts your offer, then a contract will be drawn up between both parties. Often the realtor will take care of this and explain it to you. The home must be appraised and inspected. After this, there will be a closing process where a lawyer will explain the contract, as well as other paperwork. The deed to the house will be placed in trust with the company who is funding your loan. After you and the previous owner have signed all of the papers, the house will legally be yours!