I have been asking a lot of questions about buying a house and i am just curious to know?

Question

if i would be eligible to buy a house, I'm 20yrs old, i don't have much work experience, but if i work six months to a year, could i be approved for a house, I am really good at saving money, my credit score is close to 700, and i intend on making it higher, i have hardly no bills, except cell phone, and a credit card payment, which is not much. what is the most important when it comes to buying a house, like job history, credit, etc.

Answer 1

actually I believe that when it comes to buying a house that the banks take a look at all of that and then none of it.

Most importantly they look at your job situation and how long you've been there and of course the ever present how much are you putting down question.

Buying a house will also put your credit score up there because it shows financial responsibility.

Good luck.

Answer 2

Lenders are mainly concerned with verifying your income--it has to be sufficient to cover your mortgage payment each month. Your mortgage should be 30%-40% of your income, maybe less if you have a lot of other debt.

Your job history is important to varying degrees, depending on the situation. If you are young and just out of school, lenders don't care if you don't have a long work history, especially if you have a good job at the time of application. If you are in your 30s or 40s and don't have a long work history though, they may be unwilling to lend.

Also, if you are paid on commission (as opposed to salary) they are going to want to see at least a year of earnings--they will probably average the last 4-6 months of earnings and use that number to determine your income.

You may not have very many bills now, but you will when you buy a house. You will have lots of utility bills, tax bills, insurance bills, a big morgage bill, and unexpected bills like for when the water heater breaks or the roof leaks. Make sure you have enough money saved and a high enough income to handle all that BEFORE you buy a house.

Answer 3

Overall probably income is most important. Then credit score. Then maybe debt.. then such things as rental history and job history.

At 20, there is a good chance you will have a lack of credit history, which could effect you a little. However, if you decent income ( enough so the mortage payments are not more then 30% of your monthly income) you will probably get a lot of decent offers with your credit score.

Always remember, mortgage brokers work on commision, so they may try to oversell you as much as you can. Dont extend yourself to far... making sure you can handle the payments is always the most important thing.

Answer 4

both job history and credit are crucial.
there are certain places that will accept ppl without either but the interest rate is horrendous. Most banks look at job stability at least two years.Your credit score is okay but if you want to boost it take out a small personal loan and pay it back immediately.
most places ask for minimum of 5% down although you can get 0% financing, avoid 40yr mortgages as the house will be paid of twice!!!!

Answer 5

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Answer 6

Go to the bank and get preapproved for a loan, and see how much you qualify for. Go through a realtor who is highly recommended to you. Go shopping for one and work with one you feel comfortable with.

Also check out a program for first time home buyers, this will help with the down payment

Answer 7

the down payment is the biggest hurdle more most people face
long term ( at least 1 year at same job) work experience is usually a must
ability to make the payments, insurance, any major repairs should be considered


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