i have a part time job and i want to buy a house i have my down payment but i need a loan for the rest of the purchase where should i turn to?

Asked by Mariela, Homestead, FL Mon Feb 15, 2010

i dont have a clue as to what my credit score is and i dont want to run a score check yet so it dosent lower my points. But for the several months that ive had my credit card i have been paying on time. I'm a student and my mom and my step dad are going to help me get this house. My mom is trying to refinance our current home, an agent had mentioned she cant get a loan and do the refinancing of the house. So i'm left with my step dads signature as a co-owner/signer but his credit isint as good as my moms. I'm just 19 and i just want to get a loan for about 25-30 thousand dollars could i be approved? do i even have a chance.

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Debra (Debbi…, Agent, Livingston, NJ
Mon Feb 15, 2010
Mariella, I applaud you for looking into purchasing a home......at the young age of 19!

If your step-dad's credit score is low, he won't be able to help you. That leaves your income from your part time job. It would have to be high enough to substantiate the loan of 25-30,000. Your credit score will have to be run.

What youi need to do is speak to a loan officer. Stop by a local bank, or ask a Realtor for a suggestion.

I am sure some helpful souls will come along here and offer to help you!
Make sure you know what you are getting into, as home ownership can be more costly than just paying the mortgage and taxes.

Best wishes............
1 vote
Kellie Wilson, Agent, Mobile, AL
Fri Nov 10, 2017
How bad is bad? If your scores are below 530, there's not much a bank can do. If above that, we have to see what your income allows you to borrow. I'm assuming you don't have a mortgage on the home now and are wanting cash out. You may use up to 85% of the value of the home on an FHA cash out deal. Where ever you decide to go, please remember that no one is allowed to charge you an application fee. contact us for a loan email: oceanicfinance113(at)gmail. com
0 votes
Kellie Wilson, Agent, Mobile, AL
Fri Nov 10, 2017
How bad is bad? If your scores are below 530, there's not much a bank can do. If above that, we have to see what your income allows you to borrow. I'm assuming you don't have a mortgage on the home now and are wanting cash out. You may use up to 85% of the value of the home on an FHA cash out deal. Where ever you decide to go, please remember that no one is allowed to charge you an application fee. contact us for a loan email: oceanicfinance113(at)gmail. com
0 votes
Kellie Wilson, Agent, Mobile, AL
Fri Nov 10, 2017
How bad is bad? If your scores are below 530, there's not much a bank can do. If above that, we have to see what your income allows you to borrow. I'm assuming you don't have a mortgage on the home now and are wanting cash out. You may use up to 85% of the value of the home on an FHA cash out deal. Where ever you decide to go, please remember that no one is allowed to charge you an application fee. contact us for a loan email: oceanicfinance113(at)gmail. com
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Mon May 17, 2010
Alan or Genny - whoever you are - your answer is the same answer you have used on multiple (over 30) questions here on trulia. I hope it will be removed as spam...........or duplicate or whatever reason trulia may have. I also hope they look into your other responses.

For the record, this question was asked in February, so hopefully, this person got the valid responses and help she needed.

Your response is disingenuous., and clearly self -promotion .
0 votes
Alma Kee, Agent, Tampa, FL
Wed Feb 17, 2010
Google Affordable Housing and your county name. You may be able to get some downpayment assistance because of your low income. Also since you're planning to buy a low priced property you may be able to find a Seller who will do "owner financing". Lenders don't usually want to mess with such a small loan so try your credit union. If you are not a member of a credit union, join one. Most credit unions allow anyone to join.

Good luck!
0 votes
Clara I Mont…, Agent, Hialeah, FL
Wed Feb 17, 2010
Mariela

It is an excellent and positive thinking on invest in real estate at your young age. To buy a property is one of the most important investment in our lives. You already have the down payment which that is essential in today's market.. However there are another requirements to qualify for a loan: These are: to have a permanent job, the good and the lenght of the credit history. It is crucial to run the credit report to qualify a buyer for a loan. Your step dad may applies as a co-owner as long his credit is not extremelly bad. You should speak to a Mortgage broker or a Loan Officer in your bank.

Good Luck,

Clara Ileana Montano, GRI
Real Estate Broker Associate
Florida Realty of Miami
786 624 0273
0 votes
Mott Marvin…, Agent, Sunny Isles Beach, FL
Tue Feb 16, 2010
Mariela:

The "American Dream" is all about being able to achieve anything that YOU believe you can achieve. It would be wrong for anyone to say that you just can't have it. You say that you have the down payment and a part-time job... So, I believe that you can get what you want... It may take some creativity and resources.

My first thought is to try and propose a lease-option or lease purchase.

♥.•*¨`*•♫.
≈≈≈ Mott Marvin Kornicki, REALTOR® ≈≈≈
Aventura | Bal Harbour | Sunny Isles Beach
≈≈≈≈≈≈ "★” This is the House “★" ≈≈≈≈≈≈
0 votes
Dan Chase, Home Buyer, Texas City, TX
Mon Feb 15, 2010
You seem to be at the "I think I would like a house but know nothing about it" stage. The blog below gives a simple explanation of the house buying process.
http://www.trulia.com/blog/dan_chase/2010/01/its_your_first_…
Below are a lot of things to consider about any house you might want to buy. A lot you have to find out yourself. Some a realtor can help you with.
http://www.trulia.com/blog/dan_chase/2009/11/questions_i_wou…

Maybe this blog is best to look at for you. It shows you how to decide if buying a house is really better than renting is. You put your numbers in, and then you decide which is best for you.
http://www.trulia.com/blog/dan_chase/2010/01/does_it_make_mo…

I have more blogs if you look at my profile. I think the ones above are mostly what you need to read, at least for now. I am not sure if you will be able to get a loan or not. I do wish you well in whatever decision you make and hope everything works out best for you.
0 votes
Dan Chase, Home Buyer, Texas City, TX
Mon Feb 15, 2010
Generally speaking your yearly income x 3 = safe mortgage. But you also have to include fire and wind insurance in florida. Do you have to worry about Home Owner Association fees or lot rent? Those can add greatly to your monthly bill. Wind insurance can be horribly expensive. Then property taxes, they are impolite also. You also have transportation expenses to figure into the equation and do not forget food. Heat, electricity, a/c in summer is a must.

And then what if repairs are needed? Can you pay for them?

The amount you are looking at is low. Maybe you could get a loan, maybe not. You will need some money to pay for a down payment. Likely also closing costs although you might get a seller to pay for them.

Enough of the discouraging section. Maybe you can buy a house. Maybe you can get a loan. I would talk to a lender near you and find out. Most banks (and credit unions) have either an in-house lender or someone they can send you to. Ask a local professional who would give you the correct answer. Unless you plan on selling in a very short time get a fixed rate loan. Even short term I would as sometimes plans change and refinancing later costs money.

One key for you. Do not pay your credit card off on time. pay it off EARLY. That helps your score a lot more than paying it on time does.

Credit scores of 620 and above are able to get a loan with everything else right. (yours should be above that) Your debt to income, not having more than a low amount of debt compared to available credit, and paying on time are all very helpful things.

What I wonder about is the part time job. You are in school, will the job last? Will you want to move after you graduate? Buying a house is a very long commitment.
0 votes
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