K, My husband(20) and I(19) just got married, we don't have any credit, nor bad credit, we're just kinda starting off.
He has a stable job, and I'm schooling / part time working.
We are currently living with his brother and his brother's wife.
We're thinking about moving into a small little house, you know, for more space...but we need advice on steps and what to do..
2006-08-15 09:41:00 · 6 answers · asked by ladymember 2 in Home & Garden ➔ Other - Home & Garden
Check out this link.
http://www.hud.gov/buying/index.cfm
There are many programs for first time home buyers. I actually went to a HUD sponsored program to find out about my options before I purchased my first home. That was suppose to entitle me a discount on my insurance but it didn't.
Most lenders will want to see some credit history. I rented a home first for about a year. I had A-1 credit and had paid off all of my debt by the time I ready to buy a home. My friends got their parents to start giving receipts showing they had paid on time each month for about two years. Anyone can score a loan to purchase a house if you have money or income. But you want the best possible interest rate. Do you research first and weigh your options. Contact your local Realtor about mortgage solutions or lease purchase programs.
My best advice to you would be to rent a home or apartment for about one year no more than two and build up some credit. Purchase some furniture on credit. Don't get anything you can't pay off in a few months or so. Don't make any big ticket purchases such as a car before you purchase your home. That can go against your debt ratio.
Good Luck!
2006-08-15 14:03:54 · answer #1 · answered by pretty_brown_eyes 6 · 0⤊ 0⤋
Unless you have 3 to 6 months of expenses saved as an emergency fund, you should maybe find an apartment you can afford. But before that, you need to sit down together and do a monthly budget to find out how much money you have and how much you spend.
I recommend Dave Ramsey's advice in his book The Total Money Makeover at www.daveramsey.com In fact, he has a whole plan on how to make the most of your money.
Good Luck
2006-08-15 09:49:51 · answer #2 · answered by snvffy 7 · 0⤊ 0⤋
I would MOST Definitely start Looking for loans NOW.
Go to your bank - your parents bank - his parents bank,
Other local banks and reputable Mortgage companies.
They all can pre-qualify you WITHOUT you having to sign anything.
My Best advice is do not wait like I did to buy a home and I waisted all that money on renting for 10 years - bad 4 me
DO IT and shop shop shop for loan rates and get a fixed rate loan for 30 years....
and make 13 payments a year
Pay your own prop tax and insurance outside of loan.
Get an estimate for closing costs.
GOOD LUCK to you young newly weds - you are on the best adventure of your lives.....
2006-08-15 10:03:46 · answer #3 · answered by captbryguy 5 · 0⤊ 0⤋
You're best bet is to talk to a mortgage broker, give him your details and he or she will help you. It depends on length of employment, available down payment, and a bunch of others.
Good luck. Now's a great time to buy.
2006-08-15 09:48:33 · answer #4 · answered by Papa John 6 · 0⤊ 0⤋
you dont have to have credit ..but it sure does help as without it you will pay a much higher intrest rate...the lender will consider the highre intrest rate as their payoff for taking a chance on you as you are considered a high risk loan candidate.To offset the higher intrest rate try to have as big of a down payment as possible
2006-08-15 10:00:20 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It would be best to talk to a loan officer at a Mortgage Broker.
2006-08-15 09:50:03 · answer #6 · answered by John D 2 · 0⤊ 0⤋