I need help buying a home?

Answers:2   |   LastUpdateAt:2012-09-06 02:23:07  

Question
Z32
Asked at 2012-08-19 18:37:28
I searched buyers guides online and a lot of it is very difficult for me to understand . I really just have to know in what order should I start doing things. I understand that it may be impossible for me to give all the information I need . MedlinePlus MedlinePlus I live in Miami , Oklahoma and I just turned 18 in January. I am interested in buying a home as quickly as possible , I am not interested in renting an apartment or house . There will be 2 adults including me living at home , and three dogs , if that matters . I am employed , I have been employed since August 2009. I have a bank account at Arvest bank that does not affect my credit score . MedlinePlus MedlinePlus First, I have no credit score . Am I correct in thinking that I can still get a home loan without credit ? MedlinePlus If I can , I have to have a lot of money saved before you even think about looking at homes ? Or what is the down payment come I have to pay on the mortgage ? I also wonder what is supposed to be included in the mortgage , so you only need to borrow the price of the house , or are there other things you will need to include ? MedlinePlus MedlinePlus Now, I need to know who should I contact first? Do I have to contact the real estate agent first and just tell them I care ? Are they going to have everything , or everything I need to know to start the process ? MedlinePlus Or do I have to call my bank first? It makes no sense for me to apply for a mortgage without knowing for sure you're getting the house , but obviously , I know almost nothing about this process lol .. MedlinePlus MedlinePlus Sorry this question is probably confusing , I will provide more information if needed , I am very nervous about going to this process and want to know as much as possible .
Answer1DellAnswered at 2012-08-22 18:45:03
Just turned 18, no credit , no education , nothing. You can not buy a house . It is likely that you can not even rent a house. You may be able to rent an apartment - . Better than you might expect, although many owners require parents to cosign or rental guarantee before allowing someone with no established credit MedlinePlus MedlinePlus To purchase : NO etc Fannie , Freddie , mortgages are now being made without at least 700-720 minimum credit scores ! At least in law used to be 620 or so - that is so out of date dinosaurs only remember those days old now . Requires 20% cash down payment plus closing costs , plus 3-6 months of reserves . You will also need money for movement in utility costs , turn -ons , furniture , all furniture , etc , you may need. You need money for repairs or renovations you want. You will not be provided or use their credit cards in no hurry for anything. Credit scores above 700 ( 760 for conventional loans ) . A minimum of three years on the job (post -18 years old , the employment when you were a minor child does not count) . You can not even get a credit card ( must be over 21 years by the law ) , how did you think you were going to buy a house ? MedlinePlus MedlinePlus So while you 're saving at least $ 30,000 to buy a $ 100,000 home , assuming you have an annual income of at least $ 40,000 to qualify for this kind of expensive ( LOL! That's about half the price of the U.S. . UU . median house ! ) Property, you have a lot of years to learn about finances , budgeting , home buying , etc. Start by reading Robert Kiyosaki Rich Dad , Poor Dad .
Answer2LaNashaAnswered at 2012-09-06 02:23:07
Let's see , you want to borrow a lot of money and believes that the face has a credit score of 0 will not be a problem . MedlinePlus MedlinePlus You would have to go to a lender that uses the full subscription . It will analyze your longevity in your work , your age , your income , and what they think you can pay each month . ( The fact that you will have roommates does not hurt or help . You can not count on their income . ) MedlinePlus MedlinePlus You need to have a 5% down payment. Another 5% for closing costs and are looking at a house that is not more than 3 times your annual income (2 times is better) . Your monthly mortgage payment should be less than 25 % of their income * and * include insurance and property taxes . MedlinePlus MedlinePlus The days of 100% financing are over. Even a house financed by the seller will want a down payment .
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