Tips?

Question

My husband and I are thinking seriously about buying our first house. We are in our 20s, so not very much credit to our names. Does anyone have any tips? We’re completely lost here.

Answer

Because if your age and lack of credit be prepared to have to put a large down payment down. Typically down payments are 20% if the house but due to your credit you could be asked to put down more. So taking that into consideration examine how much money you have for the down payment, how much you can afford monthly and then look at houses that fit both of those things

Answer

Go speak with a lending officer. They will help you get everything you need in order to purchase a house and if you don’t have a lot of credit, they’ll work with you on what you can do to help that and also they’re knowledgeable when it comes to first time home buyers.

Answer

Where are you located? Are you trying to live in the city or the rural/ suburbs? There are programs that can help you buy homes. If your credit score is at least a 620 you can get an FHA loan and they only ask for 3.5% of the value of the loan. Or you can get a USDA loan and that's 100% financing. It really all depends on what your credit reads. Something as little has getting a secure credit card with your bank and making on time payments for 6 months can do wonders for your credit (I speak from experience). The best thing you can do is speak to a mortgage loan officer and they can point you in the best direction.

Answer

Like someone else said try to speak to someone about your situation. My husband was able to get a mortgage at 20, but he had to work on his credit for a year first. He got an FHA loan which is specifically for first time home buyers and is good if you can get it. If you have no credit and need to build it you can get a pre-paid credit card. You pay in $200 and you have a $200 limit for about 6 months and if you are in good standing you get that money back. But definitely speak to someone, but be prepaired to hear not yet, but they should be able to help you learn what you need to do. Buying a home is a long process, took my husband nearly a year and at one point he had to stop and build more credit and start over. But it definitely can be done. Good luck!

Answer

We both have student loans in Good standing on our reports. He has a little more credit than me, since he’s got a new car that he makes payments on. 
We’re in South Dakota. 
I just got off the phone with my bank, and I’m still pretty confused and a little disheartened. 
So.Dak has programs for people in our position, but we probably have to wait until I’m done with school and have worked for about a month before we can do much. I graduate here in December, but wouldn’t start until probably February, since I have to wait on my NCLEX results to start working. Otherwise, it’s based just on his income. 
We’re just so sick of renting. The loan lady at the bank gave me a number for her boss (who’s located elsewhere) to call and get better answers to my questions. I’ve called twice and gotten voicemail. I’ll leave a message if I get it again.

Answer

Don’t do it. 
For building credit, you both need to or only one will be on anything, get a credit card through your bank only use a small amount of what you’re given and pay it on time every month. You can also get a store credit card as well and do the same thing. Save money. Once approved for a loan do not get a price range on the higher end of the loan. Save as much as possible. If you save 10,000 you can also look for houses in the price range and just buy it with cash and not even need a loan.

Answer

Just depends where you live how much you have to have down or anything at all. Where I live if your are first time buyers you don’t have to have anything down. But now if you we wanted to build we would need 20-30 % down . Best advice go to the bank & talk to them they can help you out

Answer

Our first house loan because I had zero credit my BIL had to co-sign with husband. We’ve since refinanced and taken his name off because I’ve built up my credit since then

Answer

Oh oh oh I want I’m in this LoL we’re in the same boat here 😪

Tips?

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