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Am i crazy to think I can be a homeowner?

I am 18, and work for an insurance company, however I am looking for a different job. In six months I will be moving out of my apartments, and really want to own my own home instead of being in another renting position. I have decent credit I assume because I have never been late on any payments, and everything I own is in my name. Am I crazy to think that there is a company out there that will let me mortgage a house? Something 60,000 or below of course with a maximum of 1,000 down.
  • January 30 - Bethany
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Answers (5)

Best Answer

Profile picture for sunnyview
You will need to save up for a down payment. FHA offers loans with 3.5% down, but you should also have a little in reserve past that for inspections, closing costs and emergencies.

Age is not a restriction for buying at all. Get your credit ready and as high as possible now before you look to buy. That reduces your costs a lot. Paying your bills on time is great, but make sure you understand what goes into building your credit score too.

Buying smart at a young age can help you financially so move toward that goal and I have no doubt you will be buying in no time.
  • January 30
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Keep in mind, if the new job you find is commission, bonus, overtime, or tip-based, you'll need a two year history in most cases. If you are paid hourly or salaried, you should be able to use all of the income.
  • January 31
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Hi Bethany, 

No your not crazy to think that! Just make sure you check in with a reputable lender first to find out what would be the best strategy for you and your situation. Also unless you are looking to get a job in the same industry and what you are currently doing now, if you change to a different type of job that could hurt your chances most lenders like for you to be on your job for at least 2yrs.

Good luck on becoming a homeowner!  
  • January 30
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Just get 30 days of paystubs and we'll go off that for qualifying income.  You'll want at least $2100 saved up.  If you want to get prequalified and set some pretty minor goals you could probably buy a house right after you get your tax return.  Feel free to contact me and I can get you squared away.

  • January 30
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[Content removed by Zillow Moderator. Please see our Good Neighbor Policy] he will be able to discuss with you the financing part and you may need 3.5% down, but clarify with [Content removed by Zillow Moderator. Please see our Good Neighbor Policy]
  • January 30
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