Im a high school student but soon ill be looking for my own home any suggestion's?

Asked by timmothysapp016, Little Rock, AR Tue Aug 6, 2013

Help the community by answering this question:

+ web reference
Web reference:


Scott Deaton, Agent, North Little Rock, AR
Tue Aug 6, 2013
Owning a home is a great step toward living the American dream. Your goal is great, but you definitely need to prepare for the process. You need to get with a lender to 'pre-approve' you for a home loan based upon your current credit history, income, and debt. As a high school student, you may not have either of those three and they are the most important criteria a lender uses for lending money toward a home purchase. If you have the ability to pay cash for some reason, then the pre-approval is not required. I have a lender partner, who would be glad to check on your pre-approval. Just let me know.

Once a lender has provided the amount that you qualify for on a loan, the next step is to get with a local REALTOR to help you find the right home for you based upon the criteria you desire...location, size, features, lot vs acreage, etc.. As a buyer's agent, I will be able to find the properties that fit your criteria and show you all properties available for purchase including distresses properties such as foreclosures and short sales, which can provide great discounts on a quality home. It is also good to remember, that as your buyer's agent, my real estate fees are paid by the seller, not you!

Once you locate a home you desire, the REALTOR then begins the negotiation process with the seller's agent. This is a very important part of the entire process. The negotiation skills of the REALTOR may save, or cost, you thousands. Last year, I averaged over $15,000 in savings for my buyers through concessions paid from the seller.

After the home you desire is officially under contract between you and the sellers, your buyer's agent then works over the next 30+ days with your lender, title companies, inspectors, surveyors, etc to transfer the ownership of the home to you. Upon the closing date of the transaction, the home is yours.

I would be glad to help, so you can call/text me at 5015809151 or email at
0 votes
Bill Eckler, Agent, Venice, FL
Tue Aug 6, 2013
Hi Timothy,

There is no substitute for having goals.....they tend to make things happen.

Unless you are independently wealthy and can afford to pay cash for a home, you'll need to have an appeal to banks as a strong candidate for a mortgage program. The things that are tareted by lenders is that you have been employed for a lengthy period of time and that you have been paying your bills regularly on time. One of the best ways to demonstrate financial responsibility is by having credit cards, using them, and paying them on time.

I'd recommend meetingg with a mortgage broker to find out how your situation shapes up for their programs. This way you'll know how best to proceed in order to make your dream happen. Remember, good things come to those that may find that a little time might be required but make no will be worth it.

Good luck,

0 votes
David Bolick, Agent, Little Rock, AR
Tue Aug 6, 2013
Good for you! When I was 19 and just graduated from High School I purchased a home on Florida street before I planned to get married. At that time you had to be 21 years told to own a home so I petitioned the court to have my minor disibility removed to become a legal adult. Currently you have to be 18 to own real property, however the problem is the money to pay for the home which most likely I assume you'd be obtaining a Loan from a bank. Your first step is to talk to a bank you like, maybe where you have a checking account or preferably a "local" bank and tell them your desires and plan to purchase a home. They will tell you the qualifications to be able to secure a loan. Most likely you'll have to have a full time job and make enough to qualify for the amount of monthly payment your comfortable with. I would be MORE THAN GLAD to help you is discussing the process in more detail. Always proud to see a young person take on such a responsibility !! David
0 votes
Elisabeth Bo…, Agent, Jacksonville, FL
Tue Aug 6, 2013
Since you probably will not have a large credit history, the average credit history of home owners is 8 years according to Realtor dot com, so buying on credit will probably require a co-signer, someone with credit history. Why not look to buy a house with a partner, leverage and spread out your risk? Look to buy maybe a duplex or quadplex where you can rent out the other units, you live in one, and use your rent payments to cover the mortgage note.

If you live in an area where the Baby Boomers, born 45-64, are retiring, you may look to work with a seller who wants out, but is willing to carry back seller financing, (they hold the note) and see if you can work on a payment plan, to where you can build up credit and thus look for your own mortgage.

I encourage you to research biggerpockets dot com for more ideas on the purchase of the home. I applaud you for your efforts, and I am here pulling for you. Hope to hear back often on your success!

Best of luck to you,
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Tue Aug 6, 2013
SAVE - SAVE - SAVE. Establish good credit. SAVE.
0 votes
Search Advice
Ask our community a question

Email me when…

Learn more