Dawn C
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just get a letter from ur parents stating that they wanted to help you save money to purchase a home
also u could use bills as proof that u lived there for that long |
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Missy Saffron
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No, it won't. I've always lived rent free. I've been able to secure loans for property. One of the factors used to give you a loan is your employment history.
http://www.continentalpublishing.com/default.asp?id=34785
http://www.mailfromhome.com/cd/default.asp?id=34785
http://www.mailfromhome.com/shop/default.asp?=34785 |
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justthetwoofus
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NO !!!!! all the money you have saved up from not paying rent is all that matters |
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BobbyR
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no, especially since you must have a huge down payment saved up. Your parents are great |
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jonni_hayes
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No, it just means you have lived with your parents approval in a home they own so you could save money for the down payment...being qualified for a loan would be more towards your credit history, payment history, and work history.... |
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wrkey
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Not really. While that history could certainly help.. not having it really doesn't hurt.
You credit score is based on your actualy credit history and as long has you have had good credit relationships in the past you'll be fine. Having a car note or two with ontime payments will certainly help.
Now.. if they don't see a good credit history and you don't have a rental/purchase of a residence then they loan adjuster may wonder how someone that has been living with out the most major of expenses could have these kinds of problems. And... what's the possiblity this person is going to have any more troubles once a large note as this is done.
But ... all in all.. I think you'll be OK. I suggest you find a good mortgage loan officer and get pre-approved. It won't cost anything and you'll know exactly what you can buy!
Hope this helps and good luck! |
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SJR
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I think your credit report will be more important to a potential mortgage lender. Your earning ability should also be a plus.
Find a creative lender - they are out there - and good luck. |
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hotdogsarefree
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if that is the case/u should have a big down payment saved up/all loan companies/ the criteria is different/call around choose the best for u |
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lou b
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It shouldn't if you make sure you make it clear to your lender what has been happening. Also, if you have saved the rent you haven't had to pay, you should have a fairly impressive deposit by now.#
#edit#
Then best foot forward then. We've all assumed the wrong thing. Best of luck. And I'm sure you will be lucky. xx |
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wonderingstar
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wow, why do you want to move ? |
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mbrcatz
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Nope. |
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Ian B
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not if your parents say that you have been paying them rent. |
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putzerboo
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yes. unless you have like a 45% down payment because you have been saving up your money while living rent free. Otherwise banks will look at it like you are irresponsible. With that much of your income not being spent on a place to live, they will assume you should have a hefty savings account. |
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