As everyone has mentioned, unless you are an emancipated minor, (you've had a court determine this) you can't enter into a purchase contract. However, you can hold title to a property, so if your sister purchases on her own, she can still put you on the title as an owner with all the property rights that gives you but all legal responsibility for repaying the loan is hers. This isn't the best option for your sister, she would be assuming all the debt, and you should consult with a real estate attorney considering how to hold title.
I suggest you talk to several lenders and compare what they offer. Have them explain in detail how they determine what you would qualify for and how they would structure a loan with you and your sister. Save as much money as you can in the mean time. Home ownership may not be right for you today but it sounds like you are motivated and months go by quickly. You may need time to build your own credit and your sister can use the time to pay down any debts she may have.
Good luck to you and your sister. If you would like me to help you in your property search please give me a call or email.
2907 Shelter Island Realty
San Diego, CA 92106
DRE License #: 01916634
I have a great lender that I can recommend that can tell you right away what you qualify for and, if you don't qualify, what steps need to be taken to get you qualified. I would be happy to assist you in any way that I can. Feel free to message me directly and we can get stared.
McAllister Homes Real Estate
You can purchase a home with your sister. However, you have to be 18 first, and your income has to be analyzed.
Nothing keeps you from being qualified due to self employment, but being self employed DOES bring a complexity into the qualification process because your schedule C would have to be analyzed, and net income with depreciation added back in would be used.
So, you are probably fine once you turn 18, and in the mean-time, if you can't wait that long, I would think that your sister should be able to qualify for the loan on her own, and you could go on title potentially.
You really need to look for a manufactured/mobile home lender. We do them, but it is really not my strong suit. So, I would ask an agent that deals in that market for a referral.
Then, if you can wait until you are 18, you can both go on the loan. If you can't, just have your sister buy and you can go on title at close.
I would think that a FHA loan would work the best for you. That loan only requires 3.5% down payment and has more liberal guidelines for qualifying for the loan,
Best of luck.
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The San Diego Property Shop
CA DRE # 00648687
Kevin gave you some good advice. When do you turn 18? Are you an emancipated minor?
As a minor, you are not able to enter into a legally binding contract, so it might be best to wait until you turn 18, when you are considered in the eyes of the state to be an adult.
Sounds like you are a hard-working, motivated person and I wish you luck. Financing for some pre-fab homes may be a bit different than the financing for built-on-site homes, so I'd make sure to consult a great lender.
Mary Lawler, Realtor
The best thing you can do right now is talk to a lender to get prequalified. Feel free to e-mail me directly and I can get you in touch with a lender that will give you a great loan on these types of homes. You will both have to do a little work on your credit right way to get the scores up. I can give you some advise on increasing your credit scores along with any lenders would be good at doing that as well. The first question is, do you have a credit card. If so, use it every month and pay it off in full every month. If you do not, go to your bank and ask for a pre paid credit card.
Your first pre paid credit card might only be for $200. You give them $200 and you get a credit card that you have already paid for. Spend the $200 on gas and/or food and then put $200 bucks on it again. keep doing that every month to build your credit. Lenders will give you all types of other advice on building your credit.
Keller Williams Realty