US P
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To answer the first part of your question you can buy a house at 25. My wife and I bought our first house when we were 19 and now I am 23. I do real estate investing full time now and have bought and sold over 20+ houses in the past 2 yrs
You will have to find out just how bad your credit is, figure out how much payment you can afford each month, and figure out how much money you can afford for a down payment and closing costs. Here are some suggestions for you. If your credit score is a 580 or better you should be able to qualify for a 100% full doc purchase. If your credit score is less you should qualify for something like an 80% first mortgage with a 20% seller held second. If you don't qualify at all you can always find someone to help repair you credit to boost your score up a few points in the next few months and then maybe you will qualify. Or if you don't want to go that route you could track down and investor in you area, if you have some money to put down, and have them purchase the property for you and your family, and then sell it back to you on a contract for deed, land contract, of bond for title whichever is legal in NY. This will be the same as if you went to a conventional lender and got a loan except you will be paying an investor instead of a bank each month. While you are paying an investor find someone to help repair your credit and refinance the lien that the investor is holding for you. If you need some investors to contact to help you with a transaction you can e-mail me at uspropsc@yahoo.com and i will send you some contacts. |
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kja63
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You have 2 different questions here. First, yes, it's possible to purchase a home at the age of 25. I did.
Now, about your credit not being that great. Ut oh! IF you qualify for a mortgage, you will most likely pay a higher interest rate because of your credit score.
Close almost all of your credit cards. Make prompt payments. Always pay more than the minimum. Pay off your debts. Keep the oldest credit card open. |
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scs005
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I'm 25 and bought my own place last year however my dad helped me out in a big way.............So could not have done it without his help!!!!!!!!!
Good luck..x |
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Answer Vixen in PA
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My friend's daughter and her husband are 22 and 20 and they just bought a house. They went through a first time buyers organization. They also got some grants that helped actually pay for the house. That was in Long Island.
I'm sorry I don't have the name of the organization but you can look up HUD in NY and they should have information for you!
Good LUCK! |
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svmainus
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At 25 your credit should be fairly easy to restore. There are places / agencies all over that do that for free. Check your yellow pages or local paper or penny-saver to find some place near you. It's worth it. They'll help you to get your credit-cleaned up and ALSO find you a lender willing to give you a fair loan.
You could get a loan for those with bad credit - but your interest rate will be off the hook.
Get your credit report cleaned up via the help of a credit restoration counselor and they will ALSO help you get a FAIR loan on a house - you should get a good one as I'm assuming you are a first time buyer.
The bottom line is banks WANT to give you a loan - that is what they are in business FOR...you'll get one - just be sure you get the BEST one. Good luck! |
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basskickintime
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My son bought his first house at the age of 23. So yes it is possible. For the not so good credit. Work on improving that. Alittle credit at the time to get est. again. Good Luck |
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gin
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I bought a house when I was 19, so you can most definitely buy a house. Talk to a Realtor and see what you can do. They usually help you find the best mortgage that they can. Also look into the first time home owners program for the state, all that is required is that you haven't paid property tax in the last three years. It help us get a larger house that could other wise not get. It took the mortgage down from 93900 to 78000. But there are some things tacked onto it. The remaining balance is kind of a soft second mortgage that you don't pay on, and if you stay in the same residence for 10 years you pay nothing back. It is usually around 20% Of the asking price. Good luck with it. |
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jms_ladybug
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we bought a condo at 20 and a beautiful house at 23!
dream big... it can happen!
you may need to chat with a credit counselor to see what your options are, but having a home is the best thing for your credit! |
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Justin M
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Yes. You just need to make sure you can financially support your family and the house at the same time. Family comes first , an apartment would work fine I think for you. |
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JohnCena
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well.... if your last name is Bush.... you sure can :D |
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spanishguy21
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ya u can u realy dont have to have great credit just have a down payment ready and ask banks around to see if they can help trust me that works cause i'v done it and i have house. |
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minicoop23101minor
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yes |
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chevytrk1232000
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lease to own or get somone with good credit to sign with you. |
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Trans Atlantic
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sure you can buy house at 25. a friend of mine just bought one over laborday weekend. well she is 26. you are going to end up with high interest loan and you don't want that. if you can manage to pay 20% down payment then that i lower the interest or get the loan on your parents name. |
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agedlioness
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save up until you have a big down payment. wile you are
saving you should also work on repairing your credit
because the better your credit the lower your intrest rates. |
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need2knw
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Contact a Realtor and be upfront with them about your credit. there are many different types of financing available. Some will be ready to extend credit to you and some won't. Don't give up. You can do it. |
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Carefree? Noway! I wish!
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get advice from a professional. |
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thinktinkgal
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yah sur and good luck with ya family!!!!!!!!!! |
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girlycd
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Sure you can........as long as your credit is good and you have the money to do so |
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kyle b
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Here is what I did.......my credit wasn't great, but it was good enough. I got a mortgage loan by doing stated income, that way there wouldn't be a background check into my assests, my salary, all that stuff. You basically just need decent credit, with a cosignor who has the same, and you have to pay closing costs. I bought an $80,000 house for my first home, and I was 25. I don't know what that figure will buy in NY, as I am from TX. Bought me a nice little pad-a 1921 Victorian Cottage. Very nice. |
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Elie
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For the first question the answer is “YEEES”. The early you start paying a 30 year loan the sooner in age you finish paying that loan. For example, you’re now 25 that will put you at 55 when you finish paying. Regarding your credit, your credit score is important but the sooner you file for that loan the better this would work as long you don’t have any unpaid depts. The reason for that is that the lender would see you as high risk applicant and the possibility for you to file for chapter 13 are at its lowest. |
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PERCY L
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In Australia your age is not a problem at all however if you do nothaver a great credit rating and a deposit at least to assist with the legal costs then you may not qualify. You also need a steady permanent job. You can get 1st home buyers grants etc. but you still need to meet the criteria regarding credit rating and job status. good Luck |
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djs
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Yes but you will need a large amount of cash or help from someone with good credit |
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Annie
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I'm 22 and I just bought a house, so it's possible for you. If you have bad credit, you may want to work on it a while before plunging into purchasing. Otherwise, you may be bombarded with high interest. Or, you could offer someone contract for deed on their home. That way, you can make payments directly to them until you get your credit situated and are able to then finance for the remaining amount due. |
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♥ Shery ♥
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yes with good credit a steady job and income and start with a starter home not a mansion |
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Agnostic
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Sure you can I'm only 20 and my fiance is 21 and we're gonna be purchasing a home in about 7 months. You're never too young as long as you know you want a home and you can handle it. About your credit there are a number of things you can do. To start with you want to go to your bank, it should be a bank you can trust. Set up a time to talk with the mortgage person in your bank. They can check your credit scores for you and you can take a look at it, clear up anything bad on your credit or sometimes bad things show up on your credit that aren't even your fault. The person at your bank will give you good ideas for how to build credit and they're a professional, so it's better to listen to them and not some stranger form yahoo answers. Plus the bank will look at income and other factors and help you set up a plan that will get you into a home faster and safer. Good luck. |
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Derik Kai
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If you're talking about areas like Southern California, Hawaii, and New York city, then forget it. But if you live in Kansas, Montana, Pensylvania, or Texas, then I don't see why you can't. |
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Springtime
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I'm not yet 25 and bought my own place last year however my dad helped me out in a big way.............So could not have done it without his help!!!!!!!!!
Good luck..x |
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BIG DADDY
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you most certainly can. i purchased one at 22. there are all kinds of programs out there for first time buyers. speak to your loan officer about the options you have. they can almost work with any situation. |
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Mary S
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yes it's possible if you have excellant credit, with a sizable down payment and earn enough money, rule of thumb is usually your mortage payment should equal a third of your monthly income. |
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akc1106
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I bought my house when I was 23--by myself. Work on your credit, talk to a mortgage lender, there are plenty of programs out there, I'm sure something will work for you. Good luck! |
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