How hard would it be for a 19 year old to get a mortgage loan?
I’m 17, will be 18 in June, but my fiance of 2 years is 19, will be 20 in the fall. Recently I found out I was pregnant. We’re looking into renting, but I can’t help but notice all the home auctions and short sales due to the economy. Using loan calculators, I figured out that if we could buy, we would be saving about 400 dollars a month. (900 a month for rent vs. 500 a month for mortgage). It would definitely be worth putting our money into an investment also. What is the chance that a 19 year old could get approved? The homes we’re looking at are actually around 70k but we wouldn’t go over 90,000. All the homes are either an auction due to being foreclosed on or a short sale. He has one credit card, with no where near the limit on it and makes the payments before he even gets the bill. He hasn’t had the card for that long though.He’s had a checking account since he was 16 and has overdrawn twice, but only by a few dollars. He has a pretty decent part time job, and is getting another full time to go along with it. I graduate in about 4 weeks, at which time I’ll be getting a full time job, though I don’t think I can be a co applicant due to my age.
Well, he hasn’t had his job for 2 years, only 1 1/2. That’s the part time job though, he’s pretty much guaranteed a full time job to go along with that. I’m not emancipated, but we are going to be married soon, so does that qualify me to sign? We do have enough money for a down payment and closing costs. He has about 20k in matured savings bonds, and I have about 5k saved up in the bank.