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 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. 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.
