Home Buying in San Diego>Question Details

conelypatrick, Home Buyer in San Diego, CA

My sister and i are looking to purchase a house together.

Asked by conelypatrick, San Diego, CA Tue Feb 26, 2013

My sister and i are looking to purchase a house together, in San Diego CA, preferably lakeside.

She is 29 and has had the same job for about 10 years, and i am 17 and have been self employed for two years.

Our combined income per month after taxes ranges from 3.2k-4.5k

since i am 17 i do not have any credit, her credit score is 695.

we already have some property in mind, the house's we are interested in range from 30k to 70k, they are prefabs (manufactured homes)

do you think anyone would lend us the money?

we are looking for as little down payment as possible, 3.5% preffered, 5-10% max.

we can easily make the mortgage payments and hoa payments.

do you think it will be possible for us to get one of those prefabs with that low of a down payment?

we were going to wait till the end of this year (by then i would have 10-20k available for a down payment)
but we need to move out sooner than later.

thank you for your time.

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Answers

9
Call a local mortgage person. You never know if you can get a loan until you talk to a loan officer
1 vote Thank Flag Link Fri Mar 1, 2013
Hi Patrick,

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.

Sincerely,

Maureen Hanley
Lighthouse Realty
2907 Shelter Island Realty
San Diego, CA 92106

619-608-6167 cell
619-222-5478 office

DRE License #: 01916634

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0 votes Thank Flag Link Wed Feb 27, 2013
Visit with a reputable lender that specializes in manufactured homes - Good luck!
0 votes Thank Flag Link Wed Feb 27, 2013
Hi Patrick,
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.

Thanks!
Sinead McAllister
Broker/Realtor
McAllister Homes Real Estate
858-205-5215
brokermcallister@gmail.com
http://www.McAllisterHomes.com
0 votes Thank Flag Link Wed Feb 27, 2013
Good morning...I'd be delighted to help you get pre-approved for a loan...you might be able yo get FHA financing.

Please give me a call. I love helping first time home buyers!

Cindy
619-379-8616
0 votes Thank Flag Link Wed Feb 27, 2013
Good morning...

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.

Daniel Lehman
daniel.lehman@wjbradley.com
858-345-4725
0 votes Thank Flag Link Wed Feb 27, 2013
The best thing to do is to check one of the lenders at this site http://www.thesandiegopropertyshop.com/Mortgage-Information and get prequalified. After that we can start looking for a home in your price range.
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.

Local Help with Your Real Estate Needs

Jerry Heard
Your Broker
The San Diego Property Shop
http://www.TheSanDiegoPropertyShop.com
jerry.sdps@cox.net
Direct 619-920-9796
Office 619-269-5545
Fax 619-269-9168
CA DRE # 00648687
0 votes Thank Flag Link Wed Feb 27, 2013
Hi Conelypatrick,
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.

Thank you,
Mary Lawler, Realtor
Realty Executives
Web Reference: http://www.MaryLawler.com
0 votes Thank Flag Link Wed Feb 27, 2013
i turn 18 in june.

at the moment our plan may be to rent an apt, we already found a place, going to call them today.

and after one or two leases then then il have 10-20% saved up for a down payment on either a condo or prefab.

hoping to get a condo, il plan to have it paid off in about 4 years, then il rent it out and then il get another condo. then once its paid off il do the same, till i have a few that i can rent out.

i am not emancipated, which is why i would be moving out with my sister.
Flag Wed Feb 27, 2013
HI there,

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.

Have fun!
Very exciting!

Kevin Sanderlin
Keller Williams Realty
Cell 858-212-4702
kevinsanderlin@gmail.com
0 votes Thank Flag Link Wed Feb 27, 2013
i do have a debit card, would that work the same?

if i used my debit card i could do around 10k a month in spending easily.

or would it only be good to use a prepaid credit card?

thank you :)
Flag Wed Feb 27, 2013
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