Process2Get home loan for a 17&19yr. old with good credit?

Question

My husband and I want to purchase a home. We already have a trailer but want a house. How hard do you think it will be?

Also, I am a teller at a local bank. (If that helps...)

Answer 1

A 17 YO cannot enter into a real estate contract. However, since you are married, and thus it is likely that the 17 YO is emmancipated through marriage, this may not apply. This is your only major hurdle. My suggestion is to go to the link below, find a chapter in your area and use a Lender and Realtor from that. If you have any questions, feel free to email me for more details.

AND NEVER LISTEN TO ANYONE WHO TELLS YOU NOT TO TRY!!!! I have sold homes to almost 40 individuals or couples at 18 years old. They kept it while in college, and when they moved, they paid their college in full and had a down payment for their home. And the interest rate was a little higher in some cases, but still a great investment. I had one a few weeks ago with very little credit...got a miserable 7.375% interest...Is that SO BAD??? 6 years ago most people would have flipped for that rate.

Answer 2

May have to wait till the 17 year old turns 18. If both borrowers are on the loan application they will require both applicants to be 18 unless you have a legal document proving the 17 year old is considered an adult in your state.
Take a look at your household income and expenses. If you have I.C.E. - not hard at all.
I - Income
C-Credit
E-Expenses
The hard part will be deciding what to do with the trailer.

Answer 3

This is such a hard question.

Ive done loans for 17 year olds before they were either married or emancipated (that means you have gone to court and gave up your child rights and seperated from your parents).

Ive done them both ways. Every state is going to be different and so is every lender. If you are emancipated some will allow us to include your income on the loan. If you are married (assuming your state allows this), you dont need to have a parent sign for you. Call your local title company and ask if you can legally sign the trust deed. Normally that will be good enough for the Lender.

In your current situation I dont think you can. My solution is simple. Get married or get emancipated.

Answer 4

A 17 YO can not sign any legal document. Since she cannot have a loan in his/her name, the income that he or she makes will not count. Therefore your income is very limited to just the one person.
A 19 can sign a loan but that age, I doubt you have enough established credit to get a loan that will be worth while. The rate will be extremely high. So high in fact, that even if you could afford it, I would advise against it.

If you rented out the trailer instead of selling it, you may be able to use that asleverage to increase your income as well as have a little extra collaterale, but then your down payment will be less.

All in all, I would advise against even trying. I would establish your credit ASAP. How to do that, is a whole other quesiton.

Answer 5

Whichever of the couple is the seventeen year old will not qualify in any way for a mortgage. Minimum age is eighteen, since one under that age cannot legally enter into a contract.

You will be working here entirely with the credit score and income levels of the remaining party in the couple. At the age of 19, there generally isn't much in a credit file which would entice a lender to take a risk on a loan.

Answer 6

How good is your credit? do you have a 2 year of employment history?Can you verify your income?
If you can do this there is no problem to get credit.

Sincerely,
Maya Ivanoff
MBD Financial Mortgage
[e-mail]

Answer 7

If you plan to pay back the money , you can ask for a loan at Prosper. More information at http://www.acreditlibrary.com/prosper.html . You can also try your luck at online charities, people may send donations. More information at http://www.laodn.org/

Answer 8

Where do you live? And what are the statutory rape laws in your state? You might need to be more worried about that instead of building on to your double wide.