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Buying a house??? im young and no credit?


OK im young, and i havent built any credit yet, but I wanted to buy a house ;)....couple questions,
1. What is the average down payment on a house that costs around 175,000 dollars..
2. What do the intrest rates usually run for in that price range...
I dont know that much about real estate except that it is a great investment, and i dont need the house, and I got a some money to start out, so any answers i would appreciate thanks people!

There are many loan programs available for home buying, however since you haven't built up your credit it would be difficult to get a loan that does not require at least 10% or 20% down. Interest rate would run about 9% plus. I would suggest looking at foreclosures in your area, fix them up nicely and either sell for profit or rent it out to generate monthly cash flow.

Good luck!

There are a couple of banks that let that will let the Loan Officer build credit for the customer using cell phone and insurance bills ect....
Then you can get 100% financing on a home.



Matt
http://www.diversifiedlender.com
http://www.homemortgageminnesota.com/
http://www.refinance-second-mortgage.biz
http://www.minnesota-mortgage-rates.net

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