In a Rush to Buy a Home before My Wedding Day!

Question: I'm a first time home buyer. I'm 18 years old and getting married in April to a man who is 23 years old. He has good credit but I'm afraid we won't be able to get a mortgage in time for the wedding.

He has two car loans already and his jobs aren't really that great. If you put all three of his jobs together he makes around six to seven hundred dollars a week.
Where do you think would be the best place for us to get a loan. Where is the first place we should try?

Answer: You should be congratulated for thinking ahead and your future husband should be recognized for his willingness to work.

It's not necessary to have a mortgage in place by the time you're married. In fact, it may not be a good choice. The reason is that you, at age 18, need some time to either continue your education or get a job. The first choice will increase your potential earnings while the second will help you generate dollars that can be used to build savings and pay off those pesky car loans.

Before buying a home you need to consider your local market and your preferences. Are home prices rising or falling? Is the job base growing? Is the population increasing? How will you get to work? Where will you be living in five years?

You can speak with several lenders regarding loan programs that might work for you. Once you can qualify for a program you will know how much house you can afford. Then speak with a local broker regarding properties now available that would meet your needs.

As to a new home by your wedding day, allow me to suggest that you are best served carefully examining your options and waiting until the right property is available. If that happens by your wedding day that's great; if not, that's okay too. The purchase of a home is a long-term investment, a process which should not be rushed.