Im only 18 and i dont have the best job ever but my teacher said he bought his first home at 19. Id like to go to a community college part time and work full time and buy a fixer upper home. I only make about 15$ an hour but i live with my parents so they help pay for the necessity's. I would like to know how to get started, like where to go for a loan and what should i do to get approved and then about finding the right home. can anyone suggest anything or point me in the right direction?
thanks
2007-02-27 09:20:11 · 7 answers · asked by George 2 in Business & Finance ➔ Renting & Real Estate
15$/hr times 40 hrs/week = 600$/week = 30,000$ per year before tax.
just helpin u out with the math. the second guy who answeared thought i was making 600 per month..
and i live in WA state, if you know of any programs that help first time buyers please let me know. thanks
2007-02-27 09:39:58 · update #1
ok first of all her is how a lender is going to figure your income
$15.00 per hour times 40 hours times 52 weeks divided by 12 months. Here you go
15x40=600x52=31,200/12=2600.00 per month
That is your gross income. If you just got out of high school the lender will use your current gross income.
Credit do you have any? ever had a car loan? personal loan?
Fannie Mae has some great programs one is called a My Community 100 which is driven for people with moderate to low income. You need to find a mortgage broker in your area. Do not let anyone pull credit on you until you feel comfortable with a certain person. You can also go to a website at www.fanniemae.com there is lots of good information on there for you and you can also locate a lender near you that is approved by Fannie Mae. I am not licensed in WA. State but I would be glad to help you out and answer any questions you may have. You can go to my website at www.cooper1mortgage.com
Hope this helps you out good luck.
2007-02-27 13:09:20 · answer #1 · answered by Paul 2 · 1⤊ 0⤋
Perhaps your teacher was helped out financially, because if you are making onlly $15.00/hour (for a forty hour week that is only about $600.00 per month - BEFORE TAXES, and obviously way less for part time). No one will give you a mortgage based on this fact alone, especially sicne you have not built up any credit, etc. Remember too, that once you are on your own and no onger under your parent's roof, you have to begin paying for things like medical insurance (very expensive, auto insurance, and a whole bunch of other things). Unless your parent's are wealthy and don't mind helping you with the "necessities," you cannot swing it alone! Also, someone would have to co-sign the loan even if you could get one and that would be nearly impossible. In addition, you cannot go to school part time and work full time as the demands would be too great. And, you would have no time to fix up the "fixer-upper trying to keep that kind of schedule. Why don't you get your education first, have some fun along the way, and then think about buying a home. You don't want to strap yourself down at your young age, financially or any other way. There is plenty of time for that later. You don't want to bite off more than you can chew, and believe me, many people much older than you (and who are making a lot more money) have done so and come to regret it. Wait for a while.
2007-02-27 17:31:25 · answer #2 · answered by Anonymous · 0⤊ 2⤋
Since the property would be your first you could treat it as a primary house - first home - there are many programs available you need to ck your state and see what they offer to first time buyers - you can only use these once so if you fix the property up and sell you will not have this advantage the next time - finding the right home is just going to take a lot of research of areas on your part and what the avg priced home in good condition sells for compared to what the fixer upper would cost you - the difference is the spread or the profit - they are harder to find these days but are around
www.Housebuz.com
2007-02-27 17:35:23 · answer #3 · answered by housebuz 1 · 1⤊ 1⤋
Well do not listen to the guy above me, they cannot even do math correctly. 15/hr is more than 600/month before taxes. Taking advice from someone who cannot do simple math is a bad idea. I say go talk to a mortgage broker, and if you can meet their qualifications, and afford the payment go for it. More power to you.
Good luck.
By the way, 15*40=600. Multiply that by 4 and you get 2400. That is about 28k before taxes per yr so i do not know what school they went to, but they are way off
2007-02-27 17:37:02 · answer #4 · answered by frankie b 5 · 2⤊ 0⤋
You should go to the local government (city, county, etc.) levels and see what programs are available in WA. Many times, entire developments are built as all-affordable housing.
If you don't have any credit at all, get a store or gas card or two and use them and pay the minimum balances religiously.
GOOD LUCK !!!!
2007-02-27 18:20:39 · answer #5 · answered by hatchland 3 · 0⤊ 0⤋
DO you have credit? If not get some. It will take 6 months to 1 year to build some. How long have you been at your job? 6 months or more is good. Do you have savings? If not get a starter and get set. Find a house that you like and then negotiate for it. Best of luck to you!
2007-02-27 17:24:56 · answer #6 · answered by cliff_dweller 2 · 1⤊ 1⤋
what state do you live in? I would suggest finding a good "mortgage broker" in the state in which you reside. Mortgage brokers can shop hundreds of loan programs to best fit your needs. ask to speak to a loan officer as you are interested in a mortgage loan. Goodluck.
2007-02-27 18:10:19 · answer #7 · answered by Shawnaj 3 · 0⤊ 0⤋