Im 21, pregnant and still in college.?

Question

Im 21 years old. My boyfriend is 25. We just found out we are expecting. This was not planned, but it happened. I am in college and he is an apprentice in the union. My parents, especially my dad, aren't the most understanding people. My boyfriend does not want to be a part time dad and wants to live with his kid. So therefore we looked into buying a house, but we dont make enough money yet to qualify for a loan. We also rather not waste our money on an apartment. Any sugguestions?

Answer 1

Get married, get an inexpensive apartment and save some money. He may just have a permanent job for a while. I am sure part of the problem you are having is time on the job. You are both in College, he is just finishing, so you most likely don't have a stable career yet. The lender will want to see you on the job for so long before they will loan you money. With you being pregnant, you may have a tough time establishing job history.

Also if you both live with your parents, then there is no rent history, and you may have very little credit. Renting for 6 months to a year can help you establish paying a house payment on time. If you have car loans or cell phones, make sure that you pay those on time so they don't report to your credit as late. Also pay down any credit cards you may have. Your boyfriend will probably have Student loans that he will start paying on soon.

Talk to your lender about this- they should be able to give you suggestions of how to get on track.

I would caution you to avoid many of the first time home buyer programs- particularly the ones that give very low interest rates. Also many of the programs offered by the state or cities I would be cautious of. Just ask a lot of questions because many times you get into something that is not as good as it looks. Many of these programs offer low interest rates, but the catch is unreasonable pre-payment penalties. Some will even hold you hostage in your home for 10 years. You are in college and don't know what will happen in your life in the next 10 years. You don't want to be obligated to live in a house for 10 years because you felt desperate to buy. Many of these programs won't allow you to sell of even rent your home for that time period. I have seen people get seriously burned by using these programs.

Also watch out for ARMs- (Adjustable Rate Mortgages) - Just as you don't know that you will be in this house in 5 years, you also don't know that you will be able to refinance your ARM in 5 years. They always have really low interest rates and then they keep getting higher until they are out of control.

Just hang in there and be patient. Make wise money decisions and you will be able to buy a home.

I think for the sake of the baby you should hurry and get married, that is really what is the best for the child. That being said, if you don't get married, you cannot be disqualified for a loan because you aren't married. US fair Housing laws prohibit discrimination based on Familial status.

Edit**
HUD homes DON"T require you to stay in the home for 5-10 years, some of HUD's programs do, but HUD homes do not. Most HUD homes allow you to get regular financing on them. You have to have a REALTOR to buy a HUD home. You really should have a REALTOR for your first home anyway. Real Estate agents don't cost the buyer anything, the sellers pay all the fees.

FHA insured loans are a popular option, the buzz is that they are releasing a 100% financing program as well. This is a great program for first time home buyers because FHA only requires you to live in the home for 6 months. HUD homes are generally homes with FHA insured loans that have been foreclosed.

Answer 2

Everyone would love to live in a house at first. However, MOST people can't afford it unless they have the money from their parents.

When you buy a house also you have to consider your monthly mortgage bill, maintenance, property taxes, etc. Sometimes its not even worth it to buy a house depening on the area. If you calculate all your rent and the money that goes into a house for your whole life, sometimes it cost cheaper to rent an apartment.

Since you don't have the money for a house there is really no way out. The best thing to do would be to watch your money and try to save it towards buying a house. Even if you have just the downpayment that alone will make your mortgage interest much less. Try to get a side job or side money making business that will help you towards the house as well. if that works well you might even be able to buy a house about 5 years down the line.

Answer 3

He sounds like a wonderful man. If you two are planning a future together as a family, I would talk about engagement. Presenting it to your parents in that manner would probably ease the tension. I'm a real estate investor and the worse mistake you can make is buying property when you're not financially ready. Not only are you responsible for the mortgage but the maintenance is solely your responsibilty as well. With a new baby on the way you don't need the added stress. Doing a rent to own still makes you responsible for EVERYTHING. My husband and I rented a one bedroom apartment for a little over 2 yrs. We had a 1 yr. old and a newborn and we made due so we could save enough money to purchase a 2-flat bldg. We lived on the first floor and rented out the 2nd. floor. Later we converted the basement as an apartment and rented that out as well.

Answer 4

I am sorry that you are in this situation, but you knew that this could be a possibility. Now you need to put your baby first and give it the best life possible. If you do not qualify for a loan, why not just get an apt for the time being, where else would you stay? You can also try renting a house or maybe you will qualify for a condo. Not likely if you don't have good credit or a good paying job. Your bf sounds like he is old enough to get his own career and life in shape. He might want to do a six month course or something. You should definitely try to finish school. It will give you guys better opportunities. Education always does! Good Luck! NO time for regret now! Just do the best you can but think of your child's safety first.

Answer 5

I am 21 years old and I have two kids, 21 months and 8 months old. My opinion from my experience would be to start out with maybe a small house or an apartment to rent until after baby comes. I dont think buying a house now is a smart choice because your finances now are going to be alot different after baby comes...something you can afford now may not be affordable after baby. But i agree with the whole renting thing...thats just wasting money...but you dont want to get into a situation where you get in too far over your head and lose your house...thats too much to deal with with a baby. Good luck and congrats!!!

Answer 6

Living in an apartment is a small price to pay in order for your b/f to be an involved dad. A lot of kids don't get that privilege. Also, do you and your b/f make enough money to rent a house instead of an apartment? Does he make enough to cover the rent in case of pregnancy complications and you cannot work? These are all things that you need to consider. Also, most parent's insurance companies do not pay for pregnancy/birth for their dependent children, at least any insurance my parents or my husband or I have had.

Answer 7

Have you looked into any of the HUD homes? These are wonderful started homes for people that don't have the money to actually go out and purchase a brand new home.
However, I understand the stipulations are that you need to remain in the home for 5-10 years depending on their rules, and you have to have some credit.
If this isn't a good route for you, how about trying to apply for a grant to help you purchase a home of your choice.
I understand they are available in most states and most counties, you would have to contact your local rural development cooperation.

Also, congratulations on your pregnany and keep in mind the most important issue of having your new baby is that Mom and Baby are healthy. Don't worry so much about things that you may not be able to change. Widdle away, get information, and go from there

Answer 8

I am 25 and was planning to get married but before we could I found out I was two months pregnant. I really wanted to be married first and was very disappointed in myself. I was horrified what my parents would say. My fiance and me also didn't make allot of money and in our work we work 24 hours a day. No way could we afford a baby or a bigger place. I am now married and my sweet girl is 2 months old. My parents are the most proudest of their grand daughter. In the end everything does work out, you just have to make it.

Answer 9

TRY TO GET ANOTHER JOB ON THE WEEKENDS OR IN THE FREE TIME YOU DO HAVE UNTIL THE BABY IS BORN. YOU MIGHT TRY RENTING A SMALL CHEAP HOUSE UNTIL YOU SAVE ENOUGH TO START PAYING TO OWNING A HOUSE. WITH A BABY ON THE WAY AND NOT MUCH MONEY YOUR BOYFRIEND MIGHT HAVE TO FORGET ABOUT THE UNION. ALSO I KNOW IT MIGHT BE HARD BUT THINK ABOUT GETTING MARRIED. A LOT OF STUFF WILL BE CHEAPER IF YOUR MARRIED. LIKE YOU COULD GET A LOAN TOGETHER IF YOU GET MARRIED. YOU JUST HAVE TO TRY YOUR BEST AND DO WHAT YOU HAVE TO DO. HOPE I COULD HELP!♥

Answer 10

Sometimes as an adult you have to do what you have to do, until you have the money to buy a house you really don't have much choice now do you sounds like you are going to have to rent unless you get really lucky and can find someone to sell to you on a land contract or a rent to own situation remember though you pay more in these situations and you don't really build equity like you would purchasing a house.