Profile picture for danielle baughman07

Are there resources for college students who want to buy a home.

My partner and I would like to buy a home. He works and I work and go to school. We don't really know what to do to get started.
  • February 10 2014 - Sunnyland
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Answers (6)

Profile picture for daveskow
Danielle - hi there ...I am just checking in to see if you are  still considering purchasing a property?  Do you need any assistance ?...thanks for the consideration
  • March 23 2014
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Profile picture for sunnyview
You need to look at your credit first and start saving for a down payment. There are no special programs for college students to buy beyond first time buyer programs available through each state.  An FHA loan is your lowest down option at 3.5% unless you qualify for a VA as a veteran or buy in a USDA loan area.

Saving for a down payment, moving your credit score above at least 660 , seeing how much you can actually afford (not just qualify for) and making a plan to buy are some of the first steps. Looking for a home before you have those in place can be a waste of time for everyone since you need to know your own limits and goals before you hire any professional. You can buy, but you need a solid plan. 

I will also say that buying if you are unmarried without a legal partnership agreement is very dangerous. You need a document that spells out up front what happens if someone dies, breaks up and refuses to move out or pay, how the house will be sold and under what circumstances and who decides what can be done with the property if you both don't agree.

Buying together is a business decision and should be handled like business not as part of a relationship. Tying your finances together through a house purchase can be harder to dissolve than a marriage. Get your finances, credit and your business end in order and you can buy successfully.
  • February 10 2014
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Profile picture for nwhome.us
You what I would do, is look at the Washington State Housing Finance Commission website.

The thing that I really like about this group is their education about the buying process.

Just remember me when you want to look at homes.. :)
  • February 10 2014
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Profile picture for daveskow
Danielle - thanks for the post ... best 1st step to take is to get a pre approval process started .....you can use a hypotehtical scenario

the pre approval process is free / easy and non oblinging ......
by doing this  you will manage to get many questions  asked and answered as well as see wehat  loan amount / purchase price  matches up with your  expectations or  ideas


thanks and feel free to contact me via my profile if you have more questions or if you would like help with this pre approval process

  • February 10 2014
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Danielle

At this time there are no programs for college students, but you can add your parents as co buyer and also you can get up to 3% to cover your down payment on an FHA loan it just depends in the state you live in. I hope this info helps you. If you have any more questions your more then welcome to contact me

Thanks

Martin Ruiz

  • February 10 2014
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Profile picture for Carole Tyne
Number one  - contact local agent - they can recommend a great lender.   Will need to figure out the financing first. 
Best Wishes
  • February 10 2014
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