Home Buying in Westover>Question Details

Desmond Smith, Other/Just Looking in 28314

I am 18 and I want to buy a 1 bdr. house. I don't have credit and I have around $3,000 saved up. The house is $29,000. Will I be able to buy it?

Asked by Desmond Smith, 28314 Sun Oct 10, 2010

My annual income is around $10,000

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Desmond, at 18, it's admirable that you see the benefit of home ownership. There are no better tax benefits for you at this point. You will likely have to present pay stubs for a period of time and verify all your accounts. Buying a home will get your credit rating off to a good start. You couldn't ask for a better time to find good rates. In fact, you might find that you can actually purchase more than you think. Only your mortgage specialist can determine that. Savings & Loans are still good sources for mortgages and typically don't sell their loans on the secondary mortgage market so they make in-house rules. Further, by not selling your loan, they will always service your loan meaning if you should have a problem in the future, you can walk into your mortgage office and talk with a person who is directly involved with your mortgage and not an entity possibly half way around the country. Good luck and keep that credit clean. You'll be very glad later.
0 votes Thank Flag Link Fri Oct 22, 2010
I will be able to help you. With the amount that you have saved, you have demonstrated an ability to save money on your own and your choice to use credit should not be held against you. Give me a call and I can walk you through the details. I have complete many loans for buyers with your same scenario and would be happy to help.
0 votes Thank Flag Link Mon Oct 11, 2010
Check with any qualified local loan officer--credit unions, small community bank or bank branches--then go from there. In the meantime, also consider establishing your credit--and your loan officer can have great suggestions as to how to begin.
0 votes Thank Flag Link Sun Oct 10, 2010
Yes, the best thing to do is to get linked up with a local lender. He or she will be able to really dig in with you and come up with the best program now, or even suggest a plan to follow with qualifying in the future.
0 votes Thank Flag Link Sun Oct 10, 2010
Hello Desmond,

Unfortunately this is a long shot. The only thing I could see possibly working out would be a USDA loan, and the home has to meet requirements set forth. Both you and the home have to qualify essentially.

I'm not a lender, but I know that having no credit can be overcome if you can prove payment history of sorts. With your young age it could also be that there isn't enough payment history.

The only way you will know for sure it by contacting a lender. It could be a challenge to find someone to help, but that doesn't mean it isn't worth trying.

Good luck to you
0 votes Thank Flag Link Sun Oct 10, 2010
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