19 year old first time home buyer?

I'm 19 years old and am interested in purchasing my first home. I have a steady job that i've had for over a year, I gross a little less than $600 per week. I have a credit card but i've only had it for 4 months and it doesn't show up on my credit score. I've had my bank account for 3 years and haven't had any past due balances. I have no debts. I have $15,000 cash in hand for a downpayment. I own 3 cars that are all paid off. Every lender I speak with says "I don't have bad credit just not enuff credit." I don't know what else my options are. I've tried HUD and they couldn't help me either. I found a home I'm interested in buying and the owner agreed to sell as soon as I can get approved. Home is going for 90k, it's valued at 120k and I only need to finance 80k My real estate agent doesn't know what else to do with my case. I'm willing and able to pay I just don't have the credit to back it up.

Any suggestions?

I don't have know any one that can co sign for me

contact for sale by owners and offer a L2P you would not need credit or a down payment if you do a wrap

You might be able to get the seller to carry the loan. Offer them a few thousand dollars and a few months of rent up front.

Tell them you'll try to get qualified every 6 months or so. They might carry it for a couple years until you can get qualified.

Get a F H A loan, It's backed by the goverment. They will be your best bet. It doesn't hurt to apply, the worse they can do is say no. Also will the guy how owns the house carry back a SECOND ON THE LOAN.

First I would call the credit card issuer to make sure that they are indeed reporting your activity to a credit bureau. Have you ever purchased anything with the card? Never had a car loan or anything else to establish a credit history? A big part of your FICO score is the average length of time you've had your credit cards, so waiting is part of the game. Anyway, that's the credit part.

I'm sure you realize it's atypical for a 19-year-old to be purchasing a home on their own, and the difficulty getting a loan is only part of the reason. If it's the investment you're after, there are other and better investments available. If it's just housing, you can generally live very cheaply at this age if you're willing to share space with roommates. And seriously, you don't need this money for college or anything? Your $600 per week is fantastic pay right now, but odds are you'll grow your wages much faster with a degree in hand. Oh and it can be a blast too.

The only option I can think of is to put in a loan application somewhere where they will do manual underwriting. This is the same method they used to use before everyone got all worked up over FICO scores.

Manual underwriting will look at your payment history in paying rent, utilities, and other obligation payments like that. I would suggest Churchill Mortgage.

I am sure you have heard this before, but you are really young to go and purchase your own home. I am not saying that you are not up to it because I do not know you. There are so many things that can happen that will cause you a financial crisis if you are not prepared. Even if you are bringing home $900 every two weeks, your mortgage payment will eat a pretty good chunk of one of those checks.

If you all of a sudden need $3,000 to fix a leaky roof or some other major home repair, do you have the financial resources to come up wih that kind of money?

Good luck with it all. If it were me, and I were you, I would save up for another couple years and be in a position to pay for a $90K house in full with cash. Then you do not have to make any payments and no need to worry about anyone loaning you money.

First of all, I think it is great that you are thinking about buying your first own home. It is a buyer's market and you are right in trying to take advantage of this market and your young age. If you start now, you might be able to pay off the house while you are still "young" and that is just a great feeling.

One of our sons bought his first home when he turned 21. He was in a similar situation. He had a steady job, his car was paid for and he had one credit card which he paid off as soon as he got the bill.
He also found a house he really liked. You are in a kind of better position than he was in, since you have $15,000 Dollar to put down, he "only" had $3,000. However he was able to talk to the seller to finance the house for him for about 1 year. Part of his monthly payments went towards the principal the other part was interest. Our son opened up a bank account at the same bank the seller had his account and after 6 month our son was able to proof to the bank that he is making his monthly payments prompt and without delays. And he was able to obtain his own mortgage even earlier than the agreed on 1 year. He financed with the very same bank he and the seller were banking with without any problem. Of course he did put his 3,000 Dollars plus some additional money we loaned him towards the pruchase price when he entered this agreement with the seller. This whole amount was non refundable and went directly to the seller (not on escrow). It was later deducted from the purchase price, when our son got his own mortgage and paid the seller off.

In a Market like this it is always worth a try. Your Agent might need to wait for her/his commission until you are able to close on your own mortgage or in some cases the seller agrees to pay her a part of her commission when you enter the agreement with the seller (she would get partially paid out of the down payment) and then the remaining amount she would be paid when you close on your own mortgage and pay the seller off.

You could also try to talk to a FHA Lender, they might be able to help.

Hope that helped a little - and I wish you the best of luck with your first own home

Monika

Impressive.

Here's a solution. No BS:

You can quickly build depth (large dollar) credit by borrowing funds just to hold them on deposit. If you agree to just hold the funds, their is a lender who will give a loan of $25,000. with no credit check.

You borrow the money and deposit it, then make monthly interest payments, then give back the money from the deposit. You've borrowed $25,000. and paid it off in a matter of months. Slam.

Want more? Do two accounts at once. Just make sure you can afford the interest payments, or it all blows up in your face. The interest is only 4.9% though. Check it out at creditloader dot com.

Go to http://www.daveramsey.com/sa/realestate/ and see if one of the realtors he recommends can help you.

Dave always preaches about finding a realtor that does "manual underwriting", that is, looking at more than just the FICO score.

Then call in to his radio show and explain your situation. He may be surprised, because you're doing everything right, but now the "I have no credit" is a problem.

I was once in your situation. Don't worry, everything will work out for you =)

A year ago I found this organization that gives people up to $1500 in renter or mortagage assistance! They operate in most US cities, I highly suggest you try to get some of this money.


http://www.help-me-rent-mortgage.org

Good Luck!