What is your opinion?

Question

I live an hour and a half away from work and have to commute every day (Monday - Friday). It puts a lot of miles and wear and tear on my car, not to mention costs a lot, and takes a lot of time and energy. I found a house twice as close to work that I am interested in purchasing.

I live with my boyfriend. I am 19 years old and he is 20 years old. I have a bit of credit established and he does not at all. If we are going to purchase this house any time soon (our lease goes up October 1st) it will have to be in my name since I have credit and he does not.
My idea is (if I can get pre-approved) that we should go ahead and get the house in my name and put the utilities in his name while he builds credit. Once he has credit built up and/or we are married, we will refinance to put the house in both of our names.
His idea is to wait to buy a house until he has established credit. But in the meantime, it costs me a lot of time, money, and energy to work so far away.

Suggestions?

Our location will not effect him and he loves the house we want to purchase.

What should we do in this situation?

We dont want to have to move to another apartment again, only to wind up moving into a house a few months later.

I also considered finding a closer job, but the one I have is a great oppurtunity and I love the job.

Hey supermom that is really funny that you mention LendingTree because I used to work there! lol...that was my job before this current one.

Answer 1

I will preface my answer by stating that I am a licensed Realtor® in the state of Arizona.

It sounds to me like you have your act together even for a person of your age. I commend you for your way of thinking.

Personally if it was I and I could make the financing and the payments work I would buy now and start building some equity. Between the amount you will pay down on the principal on your loan (it won’t be much at first) and the appreciation of the value of your property, you will be able to move into something higher in value in the future.

I don’t like to get into financing so much as I don’t have the training for it, if you find yourself a good Realtor® and/or lender. They will be able to guide you through the process of getting financing as well as finding the right home for you.

Good luck in your search for your home

P.S.: If your lease is up in October, you will need to get going on the process now, as it usually takes about a month to go through all of the inspections and closing.

Answer 2

damn your situation sounds just like mine just not the hour and a half job. I dont even have a car. But anyways if it were me, (I am the decision maker in my relationship) I would go live in that house if I was able to get financed for it. I don't even understand why your man wants to live in an apartment. Houses are so much better. Plus, if he waits to gain credit then could take at least a year (that was what I was told when I got a credit card). Maybe there's some other reason that he doesn't want to move b/c to me that just doesn't sound right since he can get credit if he puts the utilities in his name. If ya'll cannot reach an agreement and the relathioship is worth the stay then I would suggest you find a closer job.

Answer 3

Not sure if this is in your area but a close friend of mine was in this same situation and spoke with the reps at the fannie mae foundation. Buying a house is a big move for anyone. Lending Tree is a great way to get the lowest interest rate too! My husband and I bought our house 2 years ago and got a 5.75 interest rate. We get all kinds of calls about refinancing and no one can beat that. Goodluck with your search! If you don't have access to the fannie mae foundation look for first time buyer assistance.

Answer 4

What you state is fine. However, once married, you do not need to refinance to put him on title. On a personal note, 80% of all divorces fail with people in your age group, make sure the person who puts the majority of the money in the house makes the other sign a prenup or find another way to protect yourself.

Also, as super mom pointed out, Fannie Mae has great loan programs that most brokers haven't heard of. Check out their website, choose a loan that meets your needs and then locate a lender that is qualified to provide that loan to you.

Regards

Answer 5

You are so young, and yet if I could have bought a house at your age I would have. They are such a huge tool for your future. These days so many things can be done. Give me a call. I would love to talk to you about an idea I have. No strings attached. Just listen and if it is not for you then Hang up.

[phone]
Felicia

Answer 6

Doesn't sound like you are both ready to buy. Your idea sounds alright written down, but in reality I think you will come across a lot of problems. Rent for one more year and see how things work out.

Answer 7

i think of people could be at liberty to have the opinion that they choose. they must be waiting to precise there opinion, and people who pay attention (which must be many people) ought to have an open suggestions, and doubtless replace there opinion. some comments will possibly no longer replace into something, even yet it doesnt propose there valueless. whether no person treasures your opinion, you ought to. Its what makes you who you're.

Answer 8

Buy the house yourself and charge him rent to live there. You'll have your investment and he can live with you if he wants.

Or, get a shared equity agreement and both of you get a % of the house and are jointly liable for it.

Answer 9

Can you find somewhere to rent that is closer to work?? house or apartment?? Meanwhile he can be trying to build his credit....

Answer 10

It akes a little time to build up credit, so your idea is probably your best bet