About Us
Janet and Ed Hagan

Search
Local Maine Listings
Local NH Listings

Information for Home Buyers
•The ABC’s of Buying a Home
•The 10 Biggest Mistakes Home Buyers Make
•How to Buy an Environmentally Safe Home
•Free School Profile Reports
(registration required)

Buying a home is one of life’s most exciting decisions! Although it may seem complicated or even scary, it is a very manageable process if you take it one step at a time.

Aim for a home you can really afford.

Questions surrounding “down payments” can be easily answered as well. One attractive option is an FHA-backed loan that allows you to buy a house with as little as 3% down. Conventional loans frequently require a higher percentage of the total home cost as a “down payment.” Taking advantage of the FHA loan program is a great way for first time buyers, or anyone with a shortage of down payment funds, to buy a home.

Begin by looking at your credit. Clean up your own house before buying one!

Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. Before you start house hunting, get copies of your credit report. Make sure the facts are correct. Fix any problems you discover. The three major credit-reporting agencies are:

• Equifax 1-888-202-4025
• Experian 1-888-397-3724
• TransUnion 1-800-916-8800

Consult with the experts! Get homeownership counseling and professional advice throughout the buying process.

Experts in homeownership counseling and real estate sales know all the problems-and how to avoid them! Enroll in a homeownership counseling course and use an agent or broker. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process on the home of your choice.

A state by state list of homeownership counseling agencies is available or you can call (800)569-4287 and you will be referred to the counseling agency nearest you.

Do your homework! Research before bidding.

Your opening offer on the home of your choice should be based on the recent sales prices of similar homes in the neighborhood – a professional real estate buyer agent can supply you with these figures and provide advice on your specific situation.

Enlist a home inspector.

An experienced, outside professional is worth every penny. His or her job will be to point out potential problems that could require costly repairs down the road. This is your best chance to carefully evaluate the property’s systems and structure. A home appraiser is NOT an inspector. Also, shortly before closing do a comprehensive walk-through of the home. Make sure that everything you thought was included in the purchase agreement remains on the property.

The steps outlined here are general guidelines. You will encounter issues specific to your location and your transaction, issues that can best be explained and handled by your real estate broker, your lender, your attorney, your closing agent, or others who are helping you to complete the deal.

Don’t hesitate to ask questions! Ask as many questions as necessary to help you understand the entire home buying process. You are making a long-term commitment – and you’ll feel much better about the transaction if you stay informed and understand what’s happening every step along the way!

For more information on the FHA and how you can obtain an FHA loan, visit the HUD web site (Spanish language version) or call a HUD-approved counseling agency at 1-800-569-4287 at TDD: 1-800-877-8339.

If you decide to buy a home, here are some resources that may be able to help you along the way.

Veterans Home Loans: VA: Home Loan Program/Guarantee Services

Ginnie Mae: Homeownership Information Center

FTC: Variety of Homebuyer/Homeownership concerns, including home equity mortgages, energy consumption, home improvements, manufactured homes, reverse mortgages etc.

FirstGov: Real estate/mortgages and Home Improvement tips; Home and Housing

The information provided herein is through HUD. For more information visit their website (Spanish language version).

"As first-time home buyers, we were incredibly naive about the entire process. Janet not only took the time to explain all of our options, but made sure that our individual needs were met above all else. We always felt like her most important client, when we knew full-well that we were just one of many."
                  Tom and Sarah
                                 Dover