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How to accomplish a goal and get a house loan?

I am 20 years old. I have wanted my grandmother's house for well forever now, I love it. It has been for sale for 7 years now. My grandfather died in that house, but before he did he said he only wanted family to resume in the house. Well now that my grandmother isn't capable of deciding and her power of attorneys (her kids) are being idiots. They won't even let me pay rent for the home. I can buy the house for $35,000. But getting a loan on my own at this age isn't easy the bank told me... Can anyone give me some adivce because it is starting to make me very angry toward the family! Noone has lived in the house in seven years and my grandmother has to pay all the bills still!! They know I would pay bills and rent. It is such the perfect house for me and my son!! I am getting very discouraged!!

Answer Question
 
BraydinsMommy09

Asked by BraydinsMommy09 at 8:34 PM on Mar. 20, 2011 in Money & Work

Level 15 (1,852 Credits)
Answers (5)
  • Yes, DONT go to a bank. They are VERY difficult to get loans for homes these days even with great credit. Call a Mortgage broker who's MUCH more likely to get you a loan. 35K is a really SMALL sum for a home these days Even at 10% interest when the rate is only under 5% your looking at half the price of rent verses loan payment. Age doesn't matter as much as your credit history. I dont know what state your in or I might be able to recommended a broker that can get you a loan if a few other things like job and credit score are ok. Im in real estate but I dont to loans. With no money down and taxes and insurance in a loan your looking at less than 400 a month over a 30 year loan.
    vbruno

    Answer by vbruno at 8:40 PM on Mar. 20, 2011

  • vbruno- I have never actually heard of a Mortgage Broker? I am located in Ohio. Because I am family they will sell it to me for $35,000 and there is a chance I can also put $5000 down payment if I need to.. When I looked up a 30 year loan it showed about $250 a month on mortgage..
    BraydinsMommy09

    Comment by BraydinsMommy09 (original poster) at 8:47 PM on Mar. 20, 2011

  • Can someone in the family give you the loan? A lawyer can draw up a loan agreement. Just one idea.
    elizabr

    Answer by elizabr at 9:02 PM on Mar. 20, 2011

  • elizabr- I doubt anyone could. The only person who could probably won't because she is old fashioned and hates paperwork. But I would want a contract btw us...
    BraydinsMommy09

    Comment by BraydinsMommy09 (original poster) at 9:07 PM on Mar. 20, 2011

  • Go to several local banks and ask to talk to the mortgage officer. Tell them exactly what is happening, that you can get the 5K down payment (if that is so) and ask for their advice. You might want to check your credit score online first. Go to one of the credit reporting bureaus...Experian, Transunion, or Equifax.....and pay the $10. for the credit score. That score is key to see if you have good credit. If the mortgage officers cannot help you ask for any resources they might know of. Do not sign up for any loans until you have a trusted adult friend or relative go over all deatils with you.
    I wish you all the best.
    elizabr

    Answer by elizabr at 9:16 PM on Mar. 20, 2011

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