good news (maybe) and i have a few ?'s :/

jessica_clayton

So this isn't really a vent, but there's not exactly a category it fits in...

So as some of you know, we lost our house a few months back and had to get a roommate. Well a friend of the family has a house (3 bedroom, 2 full baths, incredibly nice) that they are willing to let us have for 20,000.

Okay my questions are...what is the best way to go about getting a loan? Do you think they'll give a loan to a 20&21 year old with a newborn? What do you think our monthly payments will be on a 20,000 dollar loan? What should I ask for at the loan office/ bank/ whatever?

In case you can't already tell, we've never bought a house and feel incredibly clueless

Help...?

Mommysierra

the biggest problem yall are going to get is that you are buying from a private owner not through an agency and many banks want some colateral but im not very definate on any other information to give you

ashley_smashley

Your best bet is going to be going to your bank and talking to their mortgage person. They can give you a good jumping off point as far as payments, interest rate and what you will qualify for..then you can shop that rate around to a couple different banks. We took our pre approval from our bank to another and asked them if they could do any better for us and they could! Just make sure your credit score is where it should be and you dont have any delinquent accounts..because they will count against you.

jenzoe1

You should get first time home owners assistance.. there are programs to help.. provided that you have decent credit. Your payments shouldn't be over 300 a month, depending on interest rate. Sounds like a great deal, hope it works out for you...

jessica_clayton

Collateral meaning what exactly? I'm such an idiot

Mybabe

I have never bought a house either but I'm looking into it and these are some things I found I need to do: make sure my credit is tip top, get the house checked before making any moves the wires pipes plumbing might not be up to par so you may have to pay more to get that fixed before even moving in oh yea you want your inspector to check for mold since you have a newborn coming, also check all banks before making a decision make sure your getting the lowest interest rate...
That's just what I did hope it works for you!!!
Oh yea and make sure you have a large down payment that looks very good for a young family

jessica_clayton

@mybabe: great...down payment? Sheesh we're incredibly wiped out money wise at this point. Guess I'll be throwing the house buying thoughts away for awhile

Thanks though.

ashley_smashley

If its a regular FHA loan you will def need to have a down payment. Again...just go and talk to your mortgage person at your bank they can give you all the info you are gonna need. There will need to be an inspection of the home before it will close and they should automatically check the pipes, wiring and mold..but you should double check they are doing their job!

romeike89

maybe see if they wilk do a rent to own with u since they r family friends. Agree on a monthly payment... maybe that will work? Make sure u write some sort of a contract and keep all ur reciepts tho

Mybabe

@romeike89 is right rent to own is good just make sure both names are on the contract yours and bd just so there is no funny business...

romeike89

and u dont want the owners to back out down the line or raise the price
@Mybabe

jessica_clayton

Thanks for the advice everyone. My fiance refuses to talk about it so I guess its a no go

I would so seriously rather live in a cardboard box than with our roommate!

:-S