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40 acres land, shed, decent shape no neighbors
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 If you made $143,000 a year, how much would you spend when buying a house? |
jw
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Ask ME | Im 20 years old, in college, and i want to buy a house but have no credit? |
im still in school and ilive with my parents..i make about 700-800 a month...i dont spend alot because im saving it all for future purposes..how do i go about owning my own home at this age? |
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a kinder, gentler me
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You don't...$800 isn't squat...and any lender will figure that at the most, no more than half of your income can be spent on a house...
You need to get a job that pays a bit more, and be employed for quite a while. If you ask at a bank, they would be happy to tell you what you need to know. |
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ccartertn2002
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1. Get SOME credit. Take out a credit card, use it and pay it off at the end of each month.
2. Have you financed a car? It's easier than financing a house.
3. When it comes time to buy a house, the mortgage company will check your checking and savings accounts to see that you have lots of money in there. They want to see that you can make the payments if something was to happen (lose your job etc). Our bank checked ours, we had to borrow money from people to put in there to show that we had some! |
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~*Stephanie S
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I hate to say it, but you'd probably better wait. $700-$800 won't get you far in today's real estate market (or the world in general, for that matter). Beyond the down payment, closing costs, and taxes on a house, you also have to consider the cost of maintenance-- electric, gas, water, repairs, as well as furnishing the place (refrigerators, washers and dryers, couches, bedroom suites...).
Consider renting. It will give you a tast of living on your own while you get yourself into a better financial position to buy. |
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RickRN
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If you have a full time job with a two year work history and good credit, call you local mortgage shop and get pre-approved. They will tell you your max purchase price. |
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green giant
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i think you cant buy a house for that money , by the way you are still young just continue gathering more money put it on the bank for future plans |
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fuzzykitty
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That income in most places wouldn't pay rent , not to mention taxes and over head like heat gas or lights. FOOD but if you put it in the bank eventually you'll have a good down payment by the time you get out of collage and get a better job. |
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fluke
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pay cash |
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mister ed
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Hope you are not a business major or minor for that matter -- forget it -- come back when you have several thousand saved for a down payment -- a good to excellent credit rating -- a good job with a good job history -- than ask the question -- till then enjoy school and learn how to use spell check. |
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eld13
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be realistic you can't buy a house on that income. but if you somehow come up on some money have someone you trust put it under their name and than switch the title over when you do have sufficient credit. |
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Steve is cool
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Most lenders require that you either put 10% down on the house. Or your income is a min. of 5X your mortgage payment. I would wait until you are out of school. If you're really interested call a mortgage broker and see what they say, there are options. $800 a month is not enough. |
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Terry S
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You DON'T "Go about owning your own home at this age"
In today's Pre-SubPrime market lenders would loan you money with absolutely none of you money in the game.
Those days are gone!
Many want a minimum of 10% down to do the deal.
If you want to buy a $200,000 home, You'll have to save $20,000+ closing costs.
Keep saving.
Hope this helps |
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house-hunter
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Congradulations on wanting to become a homeowner, however, my recommendation is to continue to save your money.
1. While you are staying with your parents, ask if you could get your own telephone line in your name for your room and let them know that you will be responsible for the bill. Make sure you PAY the bill every month on time.
2. If you don't already have a major credit card - apply for ONE. You only need ONE! You may even want to look into a secured credit card through the bank that you have your checking and savings account in. Charge something small every month and pay your balance in FULL every month on time. For instance if you have a car and you buy gas - use your MAJOR credit card for gas and pay the bill OFF every month.
I don't recommend getting department store credit cards or even credit cards from gas stations because the interest rates on cards like that are really HIGH. Get a master card, or visa and be done with it.
You make less than $10,000 per year - it is going to be difficult to maintain any mortgage with that income. Good Luck.
Remember No credit is almost as bad as BAD credit so it will take time to build your credit. Be Patient. If I had to do it all over again this is what I would do. |
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lady luck
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Depending on where you live, that's not enough to make your mortgage payments. You only want your payments to be about 1/4 - 1/3 of what you make. But lets say houses are cheap there and/or you finish college and get a better paying job or more hours... Heres how it can be done
Fist off, banks don't care so much that you have no credit, it's more that you can make the payments. Look into different banks and ask about their first time buyer deals. You can get lover interest rates and money off going through different banks.
It you don't have enough money saved for the down payment then include closing costs in your bid. This makes it only cost about $1,000 to get into a place (or what ever 1-2 percent of the place is).
Buying a home at a young age is a great thing to do. I made 30k on my house in just a year. Why pour money into rent?
If you want anymore details, feel free to ask. |
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SHSHSH
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You can get an FHA loan for a first time buyer for 3% down. Be very careful about buying a home now, when you don't have much fo an assurance of whether your future income will contimue at this level. You would not really be able to afford much yet- maybe you should consider a condo. Also be very careful- lenders are very willing to give you more than you can afford. Pretty much, you should plan to do a LOT of research before doing this. |
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AtiaoftheJulii
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Continue saving. You need at least a 10% down payment on any house you purchase. I would continue to live with my parents and save..save..and save... |
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fizznik
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Good Luck trying to buy a house with no credit history. |
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Joseph C
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You don't need credit. Go to the free forum on creonline and obtain a weatlth of great information!
Do NOT listen to the first answer or any of these naysayers. THEY DON'T KNOW WHAT THEY'RE TALKING ABOUT AND THERE ARE ALL SORTS OF CREATIVE FINANCING THAT YOU CAN DO.
For example, lease options, land sale contracts, owner will carry and many others.
Please, Yahoo board monitor, do us a favor and get these other answers off of here. They make me sick to look at! |
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