WIll I be able to get a loan for a DP on a house???
I will be finished with school in 2 years. I will be a Dental Hygienest and making at least 35.00 an hour. I was looking around at homes and I found a few. (Indiana). They are right at or a little over 200,000.00 homes with a 20,000.00 downpayment. What are the odds and things I would need to do to get a loan for the down payment?? How do I get "credit", b/c I know one thing they will check is my credit score.
- 1 decade agoBest Answer
No. The down payment of $20,000 on a $200,000 home is a 10% down payment. Unfortunately, you CANNOT borrow the down payment, because that increases the amount of money that you have to repay. However, a parent or relative can GIVE you the $20,000, along with a notarized statement that it's a GIFT, not a loan.
I would be very --VERY--wary of a "bad credit" loan. As far as your credit rating goes, get a credit card from a gas company like Chevron and charge your gas, then pay the full amount each month when you get your bill. Also, get a Visa or AmEx card and charge a few things, say several hundred dollars, then pay them off in 2 or 3 months, paying 1/2 or 1/3 of the balance each time. That will establish you as a person who is financially responsible.
However: IF you have ANY debts now, pay them off as fast as you can, because when you apply for a mortgage, they 'qualify' you for that loan by looking at your income AND your total debt. And when you feel the time has come to buy a house, talk to a few Realtors until you find one you're comfortable with, then ask him/her to "pre-qualify" you for a loan...it speeds up the whole process and also lets the Realtor know that you're a serious buyer, not just a time-wasting lookie-loo.
A good thing to do is to work as a Dental Hygienist for 6 months or a year. Prove to your employer that you are a valued employee, and RENT an apartment for a year (if you're not doing that already), so that you can establish your creditworthiness and financial responsibility WHILE you educate yourself further about the home-buying process.Source(s): good luck. it's a dream to own a house, and it's a complex process, but the more you know, the better everything will be.
- 3 years ago
this is great which you particularly opt to get a house. yet keep it in attitude. first of all, maybe you all might desire to think of approximately shifting to a better city the place you the two could have extra activity concepts. 2d, get all your funds owed paid and start up saving for a house. save up for a down fee and nevertheless have some extra interior the financial employer formerly you purchase because of the fact stuff will arise which you particularly choose funds for. additionally, your first domicile does not might desire to be 4 mattress/3 bath. start up with some thing smaller for the 1st 10 years and plan on shifting up after that.
- ZinkyLv 41 decade ago
Save up all the money you can. If you still need a loan for the "down payment" you don't need the house.