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Buying a home in the Boston real estate market is probably the biggest purchase you'll ever make. Without the proper information, it can also be the most difficult. This primer on the home buying process will prepare you for the responsibilities of owning a home. The content and tools have been designed by MassHousing, the state's affordable housing agency, to provide the first-time home buyer with a step-by-step guide to navigating the sometimes intimidating and often confusing path to home ownership.

Step 1: What Can I Afford?
Determining whether you can afford to buy a home as well as how much you can afford to spend without overextending your budget is an important first step. This section provides a Quick Eligibility calculator to help you find out if your income level is sufficient to qualify for a MassHousing loan product. You can also access important tools for managing debt, and read valuable information on credit and the lending process to help you prepare for the financial side of purchasing your first home...

Step 2: Finding an Affordable Property?
Finding an affordable property in Massachusetts, especially in or around the Boston area, can be quite a challenge. Once you've defined what you can afford to spend, take the time to define your wants and needs in a house, neighborhood and community. This step of the process will help answer your questions about locating properties, and will offer helpful house-hunting tips for finding the right home in the right location...

Step 3: Home Buyer Counseling
Home buyer counseling programs educate first-timers on the complexities of the home buying process and help prepare them for the responsibilities of home ownership. While MassHousing requires that some borrowers attend and complete home buyer counseling, the courses can provide a great deal of value for all first-time home buyers. This step describes the benefits of home buyer counseling and helps you access a course in your area...

Step 4: Getting Pre-Qualified
Pre-qualification, the first step in obtaining a mortgage, is a quick comparison of your household income, the estimated purchase price of your home, and its expected occupancy level against MassHousing's acquisition limits. This step walks you through the process, verifying your eligibility, gathering basic information, and recommending a MassHousing approved lender to provide you with mortgage Pre-Qualification...

Step 5: Making an Offer
Making an offer on a house may be the single most intimidating step for the first-time home buyer. This section discusses the offer process, the Purchase & Sale Agreement (P&S), important considerations when preparing your offer, and tips on how and when to negotiate with the seller...

Step 6: Applying for a Mortgage
With an accepted offer in hand, it's time to start shopping for a loan. Even if you're pre-qualified with a lender, an educated home buyer will compare the terms of the different loan options that may be available. This step of the process includes a checklist to help prepare you for the mortgage application process, and provides a detailed discussion on obtaining a mortgage, financing, closing costs, and the Mortgage Commitment Letter...

Step 7: The Home Inspection
To protect yourself before you buy, you need to know everything you can about the condition of your prospective home. A home inspection is an in-depth examination of a home, and will identify any potential problems and necessary repairs. This section outlines what to expect during a home inspection, offers some helpful hints for getting a thorough inspection, and provides some useful links to home inspection resources in the Commonwealth...

Step 8: The Closing Process
Last but not least, it's time to close the loan. The final step in the process walks you through the loan closing, where the title is transferred from the seller to the buyer, and where the financial transaction is completed. Read about the final walk-through, closing costs and what to expect during the closing itself...