A step-by-step walkthrough to inform and assist first-time homebuyers throughout the process of buying a home.

The Homebuying Journey
Steps to Homeownership
Disclaimer
The journey of purchasing a home is complex, everyone's experience is different. This guide should be used as a general outline, not strict instructions.
Homebuyer Class
The First-Time Homebuyers Class, or HB101 class, is the most important part of the process of buying a home. Class topics include how to get ready for the mortgage process, mortgages for first-time buyers, how to find a home, the legal side of buying a home, and how to work with professionals during the process.
Who YOU SHOULD BE WORKING WITH:
- A partner agency offering a CHAPA-approved HB101 Course (learn more)
MORE RESOURCEs
Boston Home Center Classes | Find a HB101 class by a CHAPA Approved Agency | The Benefits of Homebuyer Education |
Assess Your Financial Readiness
Now that you've completed the first step - taking a homebuying education course - it is time to look at your personal financial situation to determine if you are ready to buy. Through 1-on-1 financial coaching and credit counseling, professionals can assess your financial readiness by considering your debt, savings, income, expenses, credit score, and homebuying goals. All of these factors will impact what type of mortgage you may be able to obtain.
Financial coaches and counselors can help you budget for upfront costs like a down payment and closing costs, as well as ongoing expenses such as mortgage payments, property taxes, and insurance. They also provide insights into your current financial situation and ensure you're prepared to embark on your homebuying journey. So start gathering your financial documents and book an appointment with a financial counselor. All graduates of CHAPA-certified HB101 classes are eligible for one hour of free financial counseling.
Who YOU SHOULD BE WORKING WITH:
- Financial Counselor (learn more)
More resources
Center For Working Families Financial Coaching | Boston Builds Credit | Financial Check-Up (FCU) | Financial Workshops |
Visit the relevant site to conduct a personal credit report:
- Credit Report Information (from all three credit bureaus; Equifax, Experian, and Transunion) (note: yearly reporting are free from each bureau)
- Income Information (Pay stubs and/or year-to-date profit and loss statement if self-employed)
- Asset Information (checking, savings, investment accounts, & retirement accounts, etc.)
- Debt Information (student loans, credit card statements, auto loans etc.)
- Budgeting worksheet or List of monthly expenses
- If applicable; any correspondence from creditors or collection agencies
- List of financial goals or concerns you want to address
- Identification (drivers license, passport, etc.)
- Any other relevant financial documents or paperwork you think may be helpful for assessing your financial readiness
Build Your Team
In the HB101 course, you'll learn about the importance of assembling a homebuying team, including a real estate agent, attorney, home inspector, home insurance agent, and mortgage loan officer. It is essential that you review your condo docs and deed restrictions with an attorney. You'll meet experts in these fields and receive their contact information to help you build your team. We recommend that you interview professionals about their qualifications, working style, and fee structure before hiring them to ensure they meet your needs. Shop around!
WHO YOU SHOULD BE WORKING WITH:
- Mortgage Loan Officer
- Real Estate Agent
- Attorney
- Insurance Agent
- Home Inspector
More resources
- Watch this Workshop: Building Your Homebuying Dream Team (Passcode: t0khRC#m)
- Loan Officer: Check out our Approved Mortgage Lender List
- Real Estate Agent: Search online directories like Zillow, Realtor.com, or Redfin
- Home Inspector: Search online directories like American Society of Home Inspectors
- Attorney: Search online directories like the Massachusetts Bar Association, Avvo or Martindale-Hubbel
- Insurance Agent: Visit major insurance companies' online directory or general directories like Yelp, Yellow Pages, Google, & Angie's List.
Consult directly with your selected experts regarding required documents. Different experts may have different information needs.
Get Pre-Approved for a Mortgage
Contact one of our participating lenders to begin your mortgage application. Be sure to speak with a loan office to explore available mortgage products and get answers to any question you may have. This process will determine your eligibility, including the purchase price you qualify for, the loan amount you can receive, as well as the interest rate and mortgage terms.
Who YOU SHOULD BE WORKING WITH:
- Loan Officer
- Boston Home Center for Down Payment Assistance
Important things to know
- Shop around for lenders to find the best mortgage rates and terms. Consider factors such as interest rates, fees, customer service, and loan options.
- It's best practice to have your most recent documents easily accessible so that you can find them quickly when you need to give them to someone who requires them.
- Before applying for a mortgage Pre-Approval, consider getting Pre-Qualified to estimate how much you may be able to borrow. Pre-Qualifications is a quick assessment based on basic financial information and does not require a hard credit check.
- Income Information (Pay stubs and/or year-to-date profit and loss statement if self-employed)
- Income Information (Pay stubs and/or year-to-date profit and loss statement if self-employed)
- Asset Information (checking, savings, investment accounts, & retirement accounts, etc.)
- Credit Report Information (from all three credit bureaus; Equifax, Experian, and Transunion) (note: yearly reporting are free from each bureau)
- Debt Information
Seek Financial Assistance
To increase your purchasing power when buying a home, explore first-time homebuyer assistance programs like the City of Boston First-Time Homebuyer Financial Assistance Program. These programs offer grants to eligible buyers. Ask your loan officer about available programs, research options from different agencies or your employer, and discuss with your HB101 counselor. Check out additional resources for first-time homebuyer financial assistance.
Who you should be working with:
- Loan Officer
- Boston Home Center
-
Completed and signed Financial Assistance Program Application
- Copy of HB101 Certificate from a CHAPA approved provider
- Copy of Purchase and Sale Agreement, or Signed and Accepted Offer (if applicable)
- Copy of Pre-Approval or Pre Qualification Letter from a Boston Home Center Participating Lender
- A completed, signed W-9 form
- No Child Support Affidavit for any household member under the age of 18 years old for whom the applicant or co-applicant is not receiving child support.
- Copy of last 3 years signed Federal Tax Returns with all schedules
- Copy of the last 3 years W-2 forms
- Pay stubs for the last 30 days
- If self-employed, a year-to-date Profit and Loss Statement
- Proof of income from all other sources such as Social Security Award Letter,
- Unemployment Compensation, Pension, etc.
- Three current months asset statements from all Financial Institutions, including banks, 401ks, stocks, Roth IRAs, bonds, credit unions, etc.
- Copy of School Transcripts for full-time students over 18 years of age.
- No Income Affidavit for those who are 18 years of age or older and currently unemployed.
Begin Your Home Search
At this point, you have already selected a realtor, been pre-approved for a mortgage, and assembled resources for down payment and closing cost assistance. Once you have these pieces in place, begin exploring available properties in your desired locations using online listings, real estate apps, and working with the real estate agent you chose and who is now on your team. You’ll want to start attending open houses, schedule private viewings, and ask questions to gather information about potential homes. Important tips: Ask questions when attending open houses, schedule private viewings, have clarity on what your needs and wants are in choosing the right home for you, keep your team updated on your progress.
If you are interested in an income-restricted property, check out this video. Passcode: bzP2hhr&
Things to Note When Searching for Condominiums:
A condominium is a home that is attached to other homes and shares common areas that everyone in the building or development owns together, such as grounds, hallways, recreational areas and lobbies. Condos may look like apartments or they may be townhouse-style with small yards front and back. Owning a condominium is different from owning a single-family home - it means joining a community governed by a Home Owner's Association (HOA) and CC&R's, which manages shared spaces and enforces community rules, known as bylaws. These bylaws cover everything from maintenance responsibilities and common area usage to monthly fees and renovation guidelines. It's important to know what you're responsible for as a unit owner and how decisions are made within the association. To help you navigate the unique aspects of condo living, register for a free Condo Course and gain valuable insights into what you expect before you buy.
Who you should be working with:
- Real Estate Agent
- Loan Officer
- An Attorney
more resources
Zillow | Redfin | Realtor.com |
- Access affordable properties in Boston through Metrolist Boston
- Apply for the Neighborhood Homes Initiative - Affordable Lottery Program
- Ask your real estate agent to give you access to NMLS listings
- Lender Pre-Approval Letter
- Financial Assistance Pre-Qualification Letter
- Listings you are interested in
Make an Offer On a Home
Once you find a home that meets your preference, work with your real estate agent and consult a real estate attorney to make a competitive offer based on market conditions, comparable sales, and your budget. Negotiate terms with the seller, including any offer conditions that are considered contingencies, price, closing date, home inspections and/or repairs. Keep in mind that, in most cases, your offer is a legally binding contract. Make sure it includes everything that you want to include in your offer, and everything you expect from the seller. Regardless of the property type (e.g. deed-restricted or market rate), it is essential to have your attorney review these documents.
Who you should be working with:
- Real Estate Agent
- Attorney
- Loan Officer
- Boston Home Center for Down Payment Assistance
- Offer to Purchase
- Copy of Good Faith Deposit or Earnest Money Deposit
Inspections and Due Diligence
Buying a home is probably the biggest purchase you'll ever make so it is important to get a professional evaluation of its condition so you won't have surprises later with unanticipated repairs or issues. The home may look perfect but a home inspection may detect underlying issues. The cost of a home inspection generally costs between $300-$600, depending on property type but is well worth it for peace of mind about its condition and potentially avoiding costly trouble in the future. If there are any issues discovered you then may be able to renegotiate with the seller to repair them or to reduce the price so you can make the repairs. That is why it is essential that your offer should have a home inspection contingency so you have the option to renegotiate the deal, have the seller make the repairs, or back out of the offer. So schedule a home inspection with the home inspector that you choose to assess the condition of the property and identify any potential issues or repairs. A home inspector will look at the home's interior and exterior features to identify any health, safety, or mechanical issues. In addition, review additional disclosures, documents, and reports related to the property, such as the seller's disclosure, title report, and condominium disclosure.
Who you should be working with:
- Home Inspector
Important things to know
- It is not advisable to waive your home inspection. This is because the purpose of a home inspection is to find any issues with the house. A good home inspection can tell you important things about how a house and its systems are doing. People who are interested in buying the house will know what costs, repairs, and upkeep it might need right away, and in the future. This document in conjunction with your attorney can prove valuable with making your decision on whether to move forward with the property.
- Searching online directories like American Society of Home Inspectors (ASHI) have search tools on their website to find certified inspectors in your area.
- Advised to consult with Real Estate Agent, Attorney, Loan Officer, and HB101 Counselor for further guidance, if needed.
- Different inspectors require different information, consult with your inspector to determine what is required.
Purchase and Sale Agreement
During the purchase and sale agreement stage, your attorney and real estate agent will assist in finalizing transaction terms like purchase price, financing, and contingencies. The agreement outlines responsibilities, disclosures, inspections, and repairs. It is important to note that items requested in your offer might also need to be included in the purchase and sale agreement. Before signing, these documents must be reviewed by your attorney. After both parties sign, the buyer may provide an earnest money deposit. Contingencies like financing approval and inspections must be met within set timeframes. Once all conditions are fulfilled, the transaction progresses to closing.
Who you should be working with:
- Attorney
- Realtor
- Loan Officer
- Boston Home Center for Down Payment Assistance
Important things to know
Let the Boston Home Center know that you have found a home and make sure they have all the paperwork they need to move your application along. It's important to know where your application stands so that the closing date is not delayed.
- Different attorneys require different information, consult with your attorney to determine what is required.
Mortgage Loan Approval
Your mortgage loan approval is a key step in the homebuying process, determining your eligibility to purchase a home. Once your qualifications are reviewed and the property is assessed through an appraisal, the lender will issue either a Mortgage Commitment Letter or a Mortgage Loan Approval Letter, outlining the loan approval and any conditions required to close the transaction. It's essential to discuss the estimated timeline for loan approval with your lender, as this date must be included in the Purchase and Sale Agreement. In most cases, ensuring a clear approval timeline helps protect any initial down payment you've made toward the home purchase.
Who you should be working with:
- Loan Officer
- Attorney
- Real Estate Agent
Shop for Home Insurance
In general, lenders will require you to obtain a home insurance policy, also known as homeowners insurance or hazard insurance. This policy is based on several factors, and it's important to make sure that the insurance you choose meets our lender's requirements. As part of the approval process, you'll need to provide an insurance binder, which outlines the coverage details and limits for your property. Since home insurance is something you can shop for, it's recommended that you reach out to multiple insurance providers to find the best policy for your needs.
For first-time homebuyers, getting home insurance is important. After the signing of the purchase and sale agreement, first-time home buyers should evaluate coverage options, deductibles, and safety feature discounts with their selected home insurance agent. In the end, you should get a policy that offers sufficient protection for your property. Your investment is protected against unforeseen hazards as you move forward with the home-buying process and will assure peace of mind. You may be able to save money by bundling your property insurance with other types of insurance (e.g. car insurance).
Who you should be working with:
- Home Insurance Agent
more resources
- Start by visiting the official website of the Massachusetts Division of Insurance. They often provide guidance on understanding home insurance policies, your rights as a consumer, and information on licensed insurance companies operating in the state.
- Your Real Estate Agent, Attorney, Loan Officer, or HB101 Counselor may also be able to recommend home insurance agents in Massachusetts. They often have professional networks and may have relationships with insurance agents they trust.
important things to know
- The lender will require a copy of the insurance binder after an insurance policy is obtained and finalized.
- Take the time to gather quotes from multiple insurance companies to compare coverage options and premiums. Remember to consider factors beyond just price, such as the insurer's reputation for customer service and claims handling.
- Homeownership and insurance needs can change over time. Make it a habit to review your home insurance policy annually to ensure it still provides adequate coverage for your evolving needs and any changes to your home or personal circumstances.
Close Your Loan
Yay! You've made it to closing day! This means you've met all loan requirements and are ready to become a homeowner. Your closing date is usually provided in your Purchase and Sale Agreement, unless an extension was granted. Work closely with your lender and attorney beforehand to schedule the closing time. An attorney will guide you through signing important documents, including the final Closing Disclosure (CD), which will tell you how much money you need to bring to closing. Review everything carefully to understand your loan terms.
Closing Day Tips:
- Confirm the date and time of closing with your attorney.
- Bring a valid ID.
- Review and sign all documents.
- Ask questions if needed.
- Celebrate - you're officially a homeowner! 🎉
Need help? Your lender and closing attorney will be there to guide you!
Who you should be working with:
- Lender
- Attorney
- Real Estate Agent
more resources
The Boston Home Center wants to help you become and remain a successful homeowner, so once you become a homeowner, don’t forget our Homeowner Resources. | Post-purchase Homeowner Class - MAHA | Massachusetts Housing Partnership (MHP) - Support After You Buy |
Consult with your lender and attorney regarding any documents that may be required at this time.
What Comes Next
Transitioning to homeownership opens doors to responsibility, investment, and a place truly your own.
Download the Homebuying Journey Checklist to track your progress.
Visit the Support Hub for homebuying advice, financial assistance programs, a glossary of housing-related terms, and more.
Visit the Boston Home Center's Homeowner Services Unit for financial help and technical assistance to make repairs and improvements after purchasing your home.
Check out these resources after you complete your purchase.