Son wants to buy a house but has no credit history (and only 17)
Co-signer has bad credit and little savings.
You can not help your son buy a house at this time. You would need to qualify for two mortgages to purchase a house for him.
Now is the time for you son to start laying the foundation that will get him where he wants to go.
1. Create income
2. establish credit
3. pay bills on time
4. save money
5. establish a budget
6. live below means
7. learn about the responsibilities of home ownership
All of these will develop the disaplines need to be a respoonsible home owner.
Chat with a REALTOR to discuss the existing real estate market and housing needs, This will prove benefical in setting the goals for 1 through 7. When ready, the REALTOR will be able to direct you to the lender who has a successful record of funding a house purchase for folks just like you for housing like you want, on time, underbudget and without all the hysteria.
Best of Success,
Annette Lawrence, Broker/Associate
Palm Harbor, FL