also am i able to get a mortgage if i am under 18 but i have garantor's?
Cheers
2007-06-18 15:58:52 · 6 answers · asked by Tom O 2 in Business & Finance ➔ Renting & Real Estate
You can always get youre parents to buy youre investment property if youre under 18, and then transfer title of it into your name later on.
Yes, it is possible to get 100% financing of a property, generally lenders will only lend 80% or so but you can still borrow from other sources such as credit cards.
Guarnators such as youre parents would only be suitable once you turn 18, as without a credit history and long term job lenders wouldnt want to loan you and money unless they had a backup.
Im guessing you think you can get rich from investing in real estate and youve read somewhere about no money down..which books where they?..
Anyway good luck.
2007-06-18 21:51:46 · answer #1 · answered by billjoio28 2 · 0⤊ 0⤋
No, program for 100% on investment property
do not exit anymore, you need 25-30% for downpmt and your garantor should be on a mortgage with you for few years .
2007-06-18 16:24:09 · answer #2 · answered by reality 6 · 0⤊ 0⤋
Not likely. Investment properties usually require a minimum 25% CASH down payment. No seconds are typically allowed.
If you're under 18, you can't enter into a legally binding contract. Anyone who would guarantee such a loan would need to have their head examined since you could just walk away from the loan and leave them hanging. At least if you were over 18, the guarantor could sue to to try to recover their losses if you defaulted. But if you're under 18, nobody has any recourse at all.
2007-06-18 16:20:17 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋
You can't legally sign contracts if you are under 18. Also Investment loans are much stricter. Real Estate is a long term investment. You'll have to make your first loan one that you are living in. Get yourself a good mortgage history and then buy some investments.
2007-06-18 17:38:52 · answer #4 · answered by ☼Pleasant☼ 5 · 0⤊ 0⤋
whoa decelerate. Commendable you have stored $one hundred,000 funds. this may well be an exceptionally tangential question it could be sensible to get your self, a house as your popular residence, first....there are a number of good loans for first time customers. set up your good credit via paying on time every time. making an investment to hire comes later, in my e book. even with the undeniable fact that i comprehend many traders and flippers, who do not very own their very own domicile. once you are the customer you do not pay the cost..up front......the enterprise will pay it, from the proceeds. seek advice from a Quicken loan guy on line or bypass on your interior of sight lender.
2016-12-08 13:06:50 · answer #5 · answered by ? 4 · 0⤊ 0⤋
No, period.
2007-06-18 18:08:35 · answer #6 · answered by godged 7 · 0⤊ 1⤋