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10/20/2017 1:01:18 AM
9/22/2017 12:11:25 AM
Posted: 8/27/2005 3:05:11 PM EDT
I'm 19 years old and been looking at houses for a couple months. I own my own landscape and construction co. I just looked at a house 1 mile down the road from my parents house, which is where i live. I belive i can get the house for 175k. I live in NJ. You can't buy shit for 175 here. I would rent the house out. I have enough cash to put down the rent money would cover the mortgage, taxes, and utlitlies with out a proablem. Even without someone renting the house, making the payment wouldn't be a proablem. Can i get away with just putting 10% down?

I have the cash for a decent down payment. What in the world is the chance of me getting approved?
Do they do co-signers on houses or is that just on cars?

What do you guys think? Btw its a 3 bed room cape. 1300sq. 2 full baths on 1.31 acres, built in 1960.

Link Posted: 8/27/2005 3:07:25 PM EDT
Co signer couldn't hurt, and I dont know if Jersey law allows that. Being self employed would be your biggest problem.

But anything is possible, go for it.
Link Posted: 8/27/2005 3:09:04 PM EDT
Definitely talk to a mortgage broker; seems like everyone and his brother is getting approved these days; you might qualify.
Link Posted: 8/27/2005 3:11:06 PM EDT
If you have 2 years of tax forms documenting your income then you should be able to get the house...but most companies will not like that you are renting it out. Pretty much anyone can get a mortgage these days. If one place tells you no don't get discourage find a different and keep asking until you get yes.
Link Posted: 8/27/2005 3:12:30 PM EDT
I purchased my first house at 19yo. Get with you local mortgage co and see what happens. Good luck!
Link Posted: 8/27/2005 3:13:08 PM EDT
Being self employed you may be able to get a no income verification loan. Slightly higher rate, but in two years you can refinance.
Link Posted: 8/27/2005 3:33:56 PM EDT
I'll try every lender i can. my dad would be willing to co sign, but if at all possible i want to advoid that. And i plan on calling the house my primary residence.

Link Posted: 8/27/2005 4:27:01 PM EDT
Lots of good 0 down programs out there for the first time home buyer. Sounds like you have a good credit rating & liquidable (sp) assets, shouldn't be a problem. Good luck !
Link Posted: 8/27/2005 4:37:58 PM EDT
If you get turned down one time or a hundred and one time, keep hammering and you'll get the loan.
Link Posted: 8/27/2005 4:42:30 PM EDT
I'm getting ready to buy for 10% down, was originally planning to do 5%. You can sometime even get 0% down deals. If you have decent credit and can document some income, I'm sure you'll be able to get a mortgage from someone. The financing terms might suck though, depending on your exact situation.
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