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I think you've already received some great advice. Why are you wanting to jump right in to home ownership? You're going to need to rent for a few years, and renting has it's advantages as well. Since you're young and single, and wanting to move cross country, renting will allow you the freedom to live where you want for 1 year and then you can pick up and move again if you want to try something new. Renting is usually cheaper, you don't have to worry about repairs or yard maintenance, you don't have property taxes, etc. I bought my first home last year after 8 years of renting. Some books that I read and highly recommend to inform you are: The Everything Homebuying Book: How to buy smart -- in any market..Determine what you can afford...Explore your mortgage options...Find a home that matches your needs (Everything Series) - by Piper Nichole and Home Buying For Dummies, 3rd edition by Eric Tyson and Ray Brown . Good luck, but remember it's a really big decision. Even if you could qualify for a mortgage, you'll need to do the math to see if you can afford it. If you play around with the mortgage calculators, remember that's just the principle and interest payment. You'll also have: pmi (if you have less than a 20% down payment), property taxes, and insurance added to your monthly payment. For example, my principle and interest payment is only $388/month, but when you add the other stuff to it, my monthly mortgage payment is $566/month (I have a relatively small home loan). Don't forget that you will also have utilities (water/sewer, trash removal, phone, cable/internet, electric/gas), you may need pest control, you'll be responsible for all repairs and yard work, etc. I read up on homebuying for several years before deciding that I was actually ready.

by spalmer

1 month ago

Asker's Rating: 

Well I can tell you this much, you cannot buy a house or get a loan for a house until you are legally 18. Minors cannot sign contracts and buying a house is a pretty big contract. You can after you turn 18, but not before.

by *Cara*- 1 month ago

Sorry, but you'll need to rent for a few years. You'll need 20% down and at least 3 years of credit history before you can even think about getting a mortgage.

by Common Sense- 1 month ago

call a mortgage lender and start the process. you need your most 2 most recent paycheck stubs and 2 years of income in the same field.

by David Z- 1 month ago

You need to be 18 first. You also need to know what your credit score is, good credit means better interest rates. Then you need to research which type of loan -- I'm guessing FHA is probably going to be the best choice because it has the most flexible credit requirements and requires the lowest down payment. Next, think about how much you need to save to have the down payment. If you're getting a $100,000 house, that's $3,500 minimum for the down payment, plus around $5,000 in closing costs (closing is the last part of buying a house). With all of this, it's probably best to rent for a few years first.

by Quicken Loans- 1 month ago

sorry hun but you cant buy a home. you need to have established credit, i.e. credit cards, auto loans, etc etc for awhile to show repayment history on your credit report. you also have to be employed for at least 2 years. you are gonna have to rent until you can establish this.

by I gotz that wicked clown love- 1 month ago