If i was 18, about to move out of my parents home to study in a city called Cambridge, could i get a mortgage on a house if i didnt want to rent?
When you buy a house, do you have to pay the house price first before you move in, or pay it off while living there?
2007-08-22 10:00:43 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I imagine it's possible, if you can prove that you'll be able to pay the bills, but you'll probably need a co-signor.
I needed a co-signor just to get a line of credit when I was a student, so I don't think you'll be able to get a mortgage without a co-signor.
2007-08-22 11:15:14 · answer #1 · answered by Adam S 3 · 0⤊ 0⤋
First thing the mortgage company is going to want to know is how are you going to pay for this. Think of a mortgage like a 30 year lease. You make the first rent payment 30 days after closing and keep making them every 30 days for the next 30 years.
If your a student, you have no or very limited income. Without a solid source of funds, the mortgage company won't give you one. If Dad is your source of income, they will give the mortgage to Dad - not you.
If your talking about Cambridge, MA - that mortgage will be in $750K-$1M range for an entry level house. Your talking payments in the $10K/month range.
2007-08-22 17:11:39 · answer #2 · answered by Fester Frump 7 · 0⤊ 0⤋
If your qualified to get a loan then you could buy your house. Most seller would like you to put some money down so they know that your serious in buying. You would need some money for Closing Cost. Closing Cost = fire insurance, title and escrow fees. Some seller would pay of this. Say your file is closed on Aug 15, first payment is usually Oct. 1st. You will be making payment to pay off the loan while your living in the house or renting it out. It can be different depending on what kind of loan you got.
2007-08-22 17:24:32 · answer #3 · answered by sillygirl 1 · 0⤊ 0⤋
If you had a co-mortgagor on the loan (a relative or parent), you may be able to get a loan. FHA would be a good loan type for you to consider. FHA would use the co-mtgrs income to qualify for the loan. Of course, your debts would also be considered along with your credit history. If you have no credit, that would not be a reason to deny you the loan. I assume since you are a student, there is no income to verify. That would be the reason for the co-mtgr. It is always helpful to show that you can pay the amount of money for the payment. This can be demonstrated by your previous rental history OR a savings pattern showing you are saving the amount of money you want to make in house payment per month.
2007-08-22 17:15:42 · answer #4 · answered by mtgldy 1 · 0⤊ 0⤋
Yes, it depends on your level of income, credit, and debit. With the mortgage industry not doing so well, you will need to have money to put down, normaly 5-10% of the total loan amount. You pay based on your mortgage, which is by month. If you need help, please contact me.
I have been a mortgage consultant for 6 years.
2007-08-22 17:19:04 · answer #5 · answered by Anonymous · 0⤊ 0⤋