Moving into first house?
Greetings! Here is a secured loan question I found when I was looking at Yahoo.
Hi. I am 17 and looking into buying a house with my fiancé in about a year. I was wondering how hard it is for 18 year olds to buy a house? Like, what are thing we have to think about ahead of time?
We were looking in the 50- 70 thousand range? Also, I just got a job and am saving most of my money for this and college…
Thank you for your help
November 30th, -0001 at 12:00 am
At 18 you are legally able to enter into a legal contract, but getting a mortgage at this age is very difficult unless you are already independently wealthy and are only seeking a loan for a tax deduction. So you will need to get someone to co-sign the loan who has the credit and income as if they were buying the property themselves. You will be able to refinance the property in slightly more than a year in your names only.
If you are really serious about this purchase you should begin by being proactive beginning by sitting down with a mortgage lender to find out exactly what is necessary to get a loan. You will need a solid employment history, but do not necessarily need a credit history to secure a loan. No credit is better than bad credit. When you have no credit you can opt to get a FHA loan and be able to use alternative forms of credit like showing a goof history of paying your other bill on time. You will need to have at least a one year history with no late payments to qualify for FHA.
There are all kinds of houses in your price range in certain areas of the country. Some people forget their city is isn’t representative of the rest of the country
November 30th, -0001 at 12:00 am
At 18 you are legally able to enter into a legal contract, but getting a mortgage at this age is very difficult unless you are already independently wealthy and are only seeking a loan for a tax deduction. So you will need to get someone to co-sign the loan who has the credit and income as if they were buying the property themselves. You will be able to refinance the property in slightly more than a year in your names only.
If you are really serious about this purchase you should begin by being proactive beginning by sitting down with a mortgage lender to find out exactly what is necessary to get a loan. You will need a solid employment history, but do not necessarily need a credit history to secure a loan. No credit is better than bad credit. When you have no credit you can opt to get a FHA loan and be able to use alternative forms of credit like showing a goof history of paying your other bill on time. You will need to have at least a one year history with no late payments to qualify for FHA.
There are all kinds of houses in your price range in certain areas of the country. Some people forget their city is isn’t representative of the rest of the country
November 30th, -0001 at 12:00 am
You can’t. You need to prove 2 yrs full time employment, credit score of 680 or better, references and enough cash for down payment and closing costs. There are NO houses in that price range. You are lucky if you find anything for 150K so you need about 30k in cash.
Then have your family friend explain the facts to you.
November 30th, -0001 at 12:00 am
You can’t. You need to prove 2 yrs full time employment, credit score of 680 or better, references and enough cash for down payment and closing costs. There are NO houses in that price range. You are lucky if you find anything for 150K so you need about 30k in cash.
Then have your family friend explain the facts to you.