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06-17-2011, 09:54 AM
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i need to know how much i can get approved for and i willl be 18 in august of 2011 can i get a quote on how much i can get at age 17?
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06-17-2011, 11:52 AM
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Quote:
Your payment should not be more than 25% of your take home pay. You should put 20% down and have 3 months expenses in savings before buying a house. I highly recommend that you not have a note longer than 20 years. The answer to your question depends on your income and credit rating, you need to ask a mortgage company.
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06-17-2011, 12:53 PM
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Well, you can't get anything at 17 because you can't legally enter into a contract. Once you turn 18, as noted, what you can borrow will depend on your income and credit rating. Even if your income is good, your credit rating is going to be very limited at age 18.
Are you sure you will be in a situation to purchase property at age 18? Do you have a 20% down payment and a 6-month emergency fund? Are you sure you know where you want to live for at least the next 5-10 years? At that age, I would greatly favor flexibility as you don't yet know where life will take you.
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