| First Time Home Buyer Age 23 |
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healthwealthhappiness
New Member
Cash: $ 0.70
Posts: 3
Joined: 20 Nov 2006
Location: Orange County, CA
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| First Time Home Buyer Age 23 |
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Hi everyone. I'm new to the forum and unfortunately rather new to the whole area of loans and credit. I'm just looking for some advice/input/feedback on my situation and what I'm trying to achieve. My goal is to buy a condo in orange/L.A. County , CA for around 250K-300K . I'm currently 23 and have never had a credit card account in my life except for and Express for Men store credit card. I have been self-employed, running my own import/online sales business since I was 20. I currently have roughly 71K in my savings account after just spending 17K on inventory that will last close to a year and yield around 66K back to me. Being that I haven't the greatest credit, due to no significant activity.... along with the info above..... I understand I most likely will need a co-signer (dad/mom) for a home loan..... With the info above could anyone give me any advice on what i would be looking at, or what is the smart thing to do regarding down payment, monthly mortgage rate, etc..... I would greatly appreciate it.
Best Regards,
Grant
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Mon Nov 20, 2006 10:33 pm |
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coaster
Senior Advisor
Cash: $ 1357.80
Posts: 6686
Joined: 11 Oct 2005
Location: Wisconsin
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Being self-employed is the biggest risk from the lender's point of view. They like to see a history of a steady income. What is your time horizon? Do you have time to build a credit history and an income history? What is your purpose for buying the property?
~Tim~
Eye Candy : Why Whimsy
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Tue Nov 21, 2006 3:09 pm |
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twv706
New Poster
Cash: $ 0.40
Posts: 2
Joined: 31 Jan 2007
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| Advice For First Time Home Buyers |
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I recently came across a site at http://www.mortgageawareness.com that has a lot of good information for people looking to buy there first home and how they can get that first home loan.
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Wed Jan 31, 2007 1:43 am |
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bfanalej
Member
Cash: $ 0.25
Posts: 16
Joined: 22 Feb 2007
Location: va
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| right on man! |
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at age 23 buying a house and getting a business started at age 20!
i would go open a card with your bank TODAY if you haven't already to start building your credit. as for having 70K+ in liquidity, the banks shouldn't have a problem handing you a loan for a mortgage. if you only pay 30-40K, your monthly payments will probably be around 1200-1500???
awesome seeing young entrepreneurs moving forward.
brian
$200,000 Avg. Savings For Clients On Interest Alone. Our Goal Is To Get People Out Of Debt And Actually Start Creating Wealth. 99% of People Stay Broke. They Never Get The Education To Make It Financially, Until Now.
www.officialwealthstrategy.com
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Fri Feb 23, 2007 2:39 pm |
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No-Brainer
Senior Member
Cash: $ 66.65
Posts: 907
Joined: 29 Dec 2005
Location: Oregon USA
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| No problem |
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My son is 24 and just bought a condo a few months ago. He didn't just have no credit, he had BAD credit. He got hurt rock climbing and was out of work a month and got into trouble a couple of years ago.
Bottom line is he is on track now and has a good paying job, but he was still new at it so it didn't count for much. They still made him a loan, they just charged him 11% for it. He can afford it so he signed up, now he plans to pay on it a couple more years and refinance.
I know some will say that's crazy, but I encouraged him to do it and still would. It's better to do something (even if it's wrong) than to stand around with your face hanging out. That's the way to learn and if he didn't do that, his money might as well be flushed down the toilet paying rent.
US Click Ads
Pathway to Income
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Fri Feb 23, 2007 5:07 pm |
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bfanalej
Member
Cash: $ 0.25
Posts: 16
Joined: 22 Feb 2007
Location: va
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| agree totally |
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i like that idea and if anything, he has gone through the process of purchasing his first home.
most likely if he stays for a few years the value will go up and he'll have some equity too when he goes to put it on the market.
wise choice,
b
$200,000 Avg. Savings For Clients On Interest Alone. Our Goal Is To Get People Out Of Debt And Actually Start Creating Wealth. 99% of People Stay Broke. They Never Get The Education To Make It Financially, Until Now.
www.officialwealthstrategy.com
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Fri Feb 23, 2007 5:18 pm |
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kevin
Member
Cash: $ 4.75
Posts: 21
Joined: 05 Jul 2005
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| response |
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First of all he's self employed, so not consistant income. Second of all, he only has 70K saved up which would kill him if used it entirely as a downpayment. I would highly suggest getting 100% financing or putting 5-10% down instead because you need to keep your cash flow, especially if you are self employed. This way you will always have reserves to make the payments just in case your business is flopping that month.
Kevin
klu@nationwidemortgage.net
Nationwide Mortgage
Toll free: (805)267-6307
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Tue Feb 27, 2007 10:07 pm |
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Offshore-Wealth.com
Senior Member
Cash: $ 4.45
Posts: 435
Joined: 20 Jul 2005
Location: FREEDOMLAND
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| Offshore-Wealth.com |
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Interesting,
With all the subprime mortgage lenders going belly up, the markets are going to change quickly and high risk loans will become more difficult to secure, as in self employed, limited to no credit, or low down payment scenarios.
Good luck to all, Mike
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Thu Mar 15, 2007 1:10 am |
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