Buying A Home Before you start shopping for a home, it's important that you understand the home buying process and the different types of loans that are available. Learning the basics will help you throughout the complicated process and will help you avoid trouble.

Before You Buy - To Do List

• Review DFI's Guide To Home Loans

  DFI's free Guide to Home Loans walks homebuyers through the homebuying process.
  
  View Online (PDF)
  Order CD-ROM Version

• Attend A Free Homebuyer Education Seminar

  Educate yourself by attending a free homebuyer education seminar sponsored by the Washington State Housing Finance Commission.
  
  Washington State Housing Finance Commission Seminar Schedule

• Take Advantage Of HUD Approved Counseling

  Before you buy a home consider talking with a HUD approved counselor. HUD approved counselors can provide advise and help protect you from fraud.
  • Call: 1.877.894.HOME (1.877.894.4663) to speak with a HUD approved counselor near you.
  • Online: Find A HUD Approved Counselor

• Determine How Much You Can Afford - Use The 28/36 Rule

  A general rule used by mortgage lenders is the 28/36 rule. Your monthly household payment should not exceed 28% of your gross monthly income. The total debt you owe, including your monthly household payment, should not exceed 36% of your monthly income.

• Check Your Credit History

  Before you start shopping for a home, check your credit history at www.annualcreditreport.com. Fix any problems that you discover.

• Educate Yourself

  Learn as much as you can about the home buying process and the different types of loans available. See the Washington State Department of Financial Institutions Free Guide to Home Loans. It explains the complicated home buying process in detail.

• Verify That You Are Working With Licensed Professionals

  Be suspicious if anyone tries to steer you to just one lender or real estate professional. Verify licenses for:
  
  Real Estate Professionals - Department of Licensing 360.664.6505
  Mortgage Brokers - Department of Financial Institutions 1.877.RING DFI
  Lenders - Department of Financial Institutions 1.877.RING DFI

Worksheets and Forms

• Loan Comparison Worksheet (PDF)
  Worksheet for comparing different loans.
• Loan Document Checklist (PDF)
  Checklist to make sure you have all the right documents to secure your loan.
• Mortgage Shopping Worksheet (PDF)
  Use this worksheet when you speak to each lender or broker.