Profile picture for FrancesBenasa

BUYING or NOT?

Hi, I am 22 yrs old. i currently live with my parents. we pay $2200 monthly rent. Recently, my parents and I are thinking maybe i should try buying a House under my name because my dad had a foreclosure 4 or 5 yrs ago. i know my credit score is on the scale of 720-730. i've been working for 4 yrs In a Medical Device company. So i wonder if i Am qualified or not. any advice? Thanks
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November 13 2012 - US
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Answers (5)

If your question is about whether your Dad can be considered a first-time homebuyer after a foreclosure, then he can not.  If you buy the house on your own, you will qualify as a first time homebuyer.  Down the road, you can refinance with your parents and you all can have equal share of the mortgage obligation if you choose to do so.

You should sit down with a mortgage lender or local bank that deals with various mortgage programs and see what options you have.  Buying a home seems like it will be a great investment and possibly a savings on your expenses.

A website that may be useful to find various government programs available:
http://www.usa.gov/shopping/realestate/mortgages/mortgages.shtml
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November 15 2012
Profile picture for wetdawgs
Usually the first time home buyer programs have restrictions for number of years since not owning a home.   For some, it is true "first", for others it may be 3 years since being a home owner.  If there are particular programs of interest you will wish to investigate the definition on each one.

I'm glad you've discussed long term plans including living together

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November 14 2012
You should buy either in your name if there is no other way, or preferably if in your father's name.

Why pay so much in rent, when a mortgage payment will probably only cost you a bit more (this of course depends on where you want to live)?

As wetdawgs mentioned your father might be eligible for financing.  Keep in mind that even if he is not at the moment (for whatever reason) he eventually will be sooner than later with some credit counseling, etc.  You could always consider the "refi yourself out, and your parents in" down the road so don't think you are "stuck."  This of course depends on where the value of homes will be in the future too, of course.

Best wishes from So-Cal and good luck

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November 14 2012
Profile picture for FrancesBenasa
No, and it's funny how we were just talking about that. They are going back to our country after they retire:)

one more question though( sounds stupid but oh well). If it's going to be under his name, can he still be considered as a "first time home buyer" though? (because i heard First time home buyers can qualify for grant) :)
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November 13 2012
Profile picture for wetdawgs
IF your father's foreclosure was four or five years ago, he may be eligible to purchase again.    If you are proposing to purchase in your name without his involvement, then the purchase price will have be determined on your income alone.   Most likely you would be qualified. 

22 years is an age when there are likely to be many life changes ahead.  Can you predict you wish to continue to live with your parents for the next 10 years plus?  
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November 13 2012
 
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