Buying a house, where to start?

It's my first time buying a house, and no idea where to start. I've looked at few houses online, but I have no credit history at all. I live home with my parents, so I don't have any bills. I do work, but I don't have any car payments, insurance bill or anything like that. The house I am interested in, is $90,000.00. How could I get a loan without a credit score though? My parents won't co-sign for it,so I am on my own..Should I meet with a Realtor or what?

Update:

If I was interested in a house for $150,000.00, how would I figure out my monthly payments etc..

6 Answers

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  • M W
    Lv 7
    7 years ago
    Best Answer

    Before you start looking at houses, make an appointment with the mortgage department of your bank. They will help you to see what kind of mortgage amount you might qualify for. The difference between the mortgage amount you can get and the selling price of the house would have to be your cash down payment.

    They want you to be employed at the same job for at least two years, have a good amount of cash downpayment, no negatives on your credit report and they prefer you to be over 21 years old.

    Go to annualcreditreport.com and get an actual copy of your credit report. You can have it mailed to you, or you can print it off at home.

    Your parents are wise to not co-sign. Co-signing for anyone is always a very bad idea, especially something large, like a house.

    You don't need to meet with a realtor yet, you need to meet with someone at your bank.

  • Rick B
    Lv 7
    7 years ago

    Save up 20 % for a down payment, plus 3 to 5% for closing costs.

    You will also want a cash emergency fund of about 3 to 6 months' expenses.

    To qualify for a mortgage you'll need 2 years of steady job history and a strong credit score.

  • 7 years ago

    Unless you plan to pay all cash, you won't qualify for a mortgage. Mortgage lenders will not accept a co-signer.

    You need:

    Minimum 620 FICO Score

    2 years stable job history

    2 years full tax returns

    2 months pay stubs

    Income of at least $50,000 for that house

    Read "Home Buying for Dummies" to learn more about the process. Good luck.

  • Bill
    Lv 7
    7 years ago

    Go to your bank or a local mortgage lender and get pre qualified before you start looking. You may not be eligible for a loan at this time and it will save you time and stress. If you do qualify they will give you a maximum $ figure and then you can look for properties under that figure. Most real estate agents will not want to show you properties unless you are pre-qualified. Good Luck

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  • 7 years ago

    You need to speak with a lender and find out if you even would qualify for a loan, and if so, how much you could borrow. This will tell you what price range to look in.

    The books are also a good idea.

  • 7 years ago

    Grab your car keys and go to a bookstore and find a book such as

    Buying a Home for Dummies

    Buying a Home Made Easy

    You don't mention your employment, income, or down payment.

    Sounds like you would not qualify.

    20% down will avoid PMI.

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