Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

I Need Help!!!

Ok so my bf and I just had a baby about 5months ago and we have been staying with his mom but we want to get are own place the problem is hes 18 so what kind of loans can we get and how exactly do you go about buying..we already have looked at some houses but i am so confused

Answer Question
 
MiasMommy6908

Asked by MiasMommy6908 at 1:32 AM on Oct. 21, 2008 in Home & Garden

Level 2 (6 Credits)
Answers (7)
  • To be honest, two things, it is a really bad time to be getting into a loan unless you have a really really good job that is going to last.
    Second, at 18 I would have my doubts that he has credit enough for a home loan.
    BUT if he is in a union he may have a chance with his credit union. Go have a sit down with a banker. See if they have time to go over the different types of loans available. Also, take the time to do your research online, and get some books from the library to help you.
    SusieD250

    Answer by SusieD250 at 1:37 AM on Oct. 21, 2008

  • Oh another thing his in the army is their any home loans through that
    MiasMommy6908

    Answer by MiasMommy6908 at 1:40 AM on Oct. 21, 2008

  • The military has really good home loans, I could be wrong but I think it's a 1 time deal after you get out. My friend and her hubby bought a house through it when he got out or the air force. Buying a house when you may get moved against your will probably isn't the best idea though.

    Lornamay

    Answer by Lornamay at 2:53 AM on Oct. 21, 2008

  • Honestly, my advice would be to not try and get a loan right now. No one is giving loans right now, its not like it was before when everyone could get one. Also, at 18 you probably don't have enough credit to get approved for a home loan. I would try to rent for now or sit down with a loan specialist at a bank and go over what ya'lls best options would be...they may even have someone on the base that could help you with what the military has to offer...Good Luck.
    1sttimemommy428

    Answer by 1sttimemommy428 at 9:07 AM on Oct. 21, 2008

  • It is not the right time to buy at all! It's wonderful that you guys want to buy at a young age, but you should consider building credit and saving money for a down payment or a nest egg. There's lots of little expenses that will come unexpectedly, and you don't want it to come down to buying groceries or buying a new water heater!!

    Right now, it's a renter's market because of the housing economy. If you need help with rent, look into government programs from your state.

    redmoonintexas

    Answer by redmoonintexas at 11:49 AM on Oct. 21, 2008

  • I would look for a rent to own. That way, you have time for him to get older and establish credit, for the mortgage market to settle down, but you are also paying some toward the price each month. PM me if you want more info, I do real estate investing.
    PamJM

    Answer by PamJM at 12:36 PM on Oct. 21, 2008

  • Don't move out too quickly and make the same mistake a lot of young couples make. If mom is happy to have you there and doesn't drive you too crazy, help her out and save up as much as you can for a good down payment.
    If you really do feel the need to move out pronto work with your realator (trust me they want you to buy) and ask about first time home buyer loans. My boyfriend and I after our downpayment had a $128,000 loan for first time home buyers, a monthly payment of only $850 and that included taxes and insurance
    maddie.star

    Answer by maddie.star at 11:34 PM on Oct. 21, 2008

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.
close Cafemom Join now to connect to other members! Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN