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10 steps to home ownership - Money Talks
Author: Ebony

IT'S the American dream. But owning your own home doesn't have to be a dream anymore.

Now, with an array of programs available for first-time buyers and a wealth of information online, becoming a homeowner is no longer reserved for the wealthy, but for those who are armed with the right information. So, if you're ready to make the long-awaited dream a reality, follow these 10 easy steps to your home sweet home:

1 PULL YOUR CREDIT REPORT AND CORRECT ANY ERRORS. By law, under the Fair Credit Report Act, you have the right, free of charge, to dispute any entry on your credit report. Because your credit score and corresponding credit grade will play a significant role in your options when it comes to shopping for interest rates and mortgage programs, it is essential that you review your report. You can request a copy of your credit from TransUnion, Equifax or Experian by mail or online, or you may order a copy of your "merged" report, which lists data from all three credit bureaus, at creditreport.com.

2 TAKE A FIRST-TIME HOME BUYERS CLASS. Accessing information on home ownership is easier than ever before. A good place to start is FannieMae.com, which offers useful tips on applying, qualifying, and purchasing for first-timers and re-financers. Your local bank may offer seminars or classes where agents, brokers, attorneys and loan officers are onsite to answer any questions. Learn about loan types, sizes, interest rates, low-income programs and down payment assistance.

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