I absolutely hate renting. I want a house that I can make however I want it without someone Else's permission (with the exception of having permits to add on to the house) and here is my situation, please give me mature answers as I am pretty clueless about how all this works.
I am 18. My fiance and I want to buy a home, both of us are currently unemployed (no smart remarks plz) given the job situations in our area.
However. Starting July 1st this year I will begin recieving monthly annuity payments of $1,200 dollars for two years then it will decrease to just slightly under $1,000 a month guarenteed until I am 62 years old. Also starting July 1st I will recieve $10,000 lump sums semi anually for two years.
We both are currently looking aggressively for jobs.
I need some expert advice or advice from experienced home buyers. Niether of us have ever purchased a home. I need information on how to go about doing this and any advice you have to offer. Thank you so much in advance!!
It has already been cleared between the two of us that it will be in my name ONLY and that if we split.. of course the house is mine.
Besides all of this.. I didn't ask for advice based on previous posts. I asked for advice based on the information given in this post.
And if we are to get married we will have a pre nup declareing the house is mine if we ever seperate or get divorced.
I have no idea where (what country) you live in, but you may have difficulty getting a mortgage if you don't have much of a credit history. The annuity payments may make little difference (just think of how little $1000 will be 30 years from now) when the bank is considering giving you a mortgage. As well, you need to show that you have a stable job, and obviously you have said you're both working on that. If you don't have good credit history and neither of you have jobs, don't expect to be approved.
You will also want to have money saved for a down payment. Many people aim for 20% of the house's cost, because that means you pay less interest down the road.
Also consider that you'll want to have some savings for when things go wrong with the house. If your furnace breaks down, it may cost you a few grand to replace it. If you need a new roof, you could be looking at several thousand dollars. A house can quickly become a money pit. Also consider extra costs such as property taxes.
You may want to go into your bank and speak with someone about this. They can give you a more realistic answer about whether you would even qualify for financing. If you do qualify, it's a good idea to ask how much you're pre-approved for and that will help you when setting a budget for house shopping. Sometimes people are pre-approved for more than they're actually comfortable with spending when they sit down and look at all of the costs.
May 19th, 2009 at 1:48 am
can you use the payments as income to buy a house? Yes.
should you buy a house? NO!!!
Why?
you are 18 years old with a kid and a boyfriend that you don't want to marry and is controlling (all your words from other posts).
2. you are putting up all the money and the monthly payments and your bf isn't doing anything. If you both go on the deed, he will own 50% of the house. When you split up (not when), you will need to buy him out to get YOUR house back. DO NOT DO THIS.
You are lucky. YOu have income and you can work. I highly suggest that you focus on going back to school and get an education. Use this income to support you and the baby while you are in school and working part time.
THEN!!!!!!! think about buying a house.
References :
May 19th, 2009 at 2:29 am
I have no idea where (what country) you live in, but you may have difficulty getting a mortgage if you don't have much of a credit history. The annuity payments may make little difference (just think of how little $1000 will be 30 years from now) when the bank is considering giving you a mortgage. As well, you need to show that you have a stable job, and obviously you have said you're both working on that. If you don't have good credit history and neither of you have jobs, don't expect to be approved.
You will also want to have money saved for a down payment. Many people aim for 20% of the house's cost, because that means you pay less interest down the road.
Also consider that you'll want to have some savings for when things go wrong with the house. If your furnace breaks down, it may cost you a few grand to replace it. If you need a new roof, you could be looking at several thousand dollars. A house can quickly become a money pit. Also consider extra costs such as property taxes.
You may want to go into your bank and speak with someone about this. They can give you a more realistic answer about whether you would even qualify for financing. If you do qualify, it's a good idea to ask how much you're pre-approved for and that will help you when setting a budget for house shopping. Sometimes people are pre-approved for more than they're actually comfortable with spending when they sit down and look at all of the costs.
References :
May 19th, 2009 at 2:59 am
The answer is very simple: find an exclusive buyer agent in your area and talk to them. They can tell you what you may or may not be able to do, and how to do it. http://www.naeba.org/
References :