Will I be able to get a LOAN for first house?!?

This will sound strange, but my parents pay everything for me, and I'm sick of it. I'm 23, graduated from college 2 years ago. My parents bought my condo, car, and pay my phone bill, and give me $400 cash spending money per month. I'm sick of it because I want to live my own life and feel good about myself. Now that the market is so low, I want to buy my first house and get off their tab. Thing is.. credit. I don't have any because I never had bills to pay. When I went to go get a phone in my own name a few years back, they told me I was denied because I have zero credit. Since then, there have been some bills in my name that have gone to collections, (because I didn't know that they even existed), but they are all paid off. These were mostly small doctors bills, under $300, and other random stuff, not monthly bills, the biggest being $1,100 school bill I didn't know existed until collections called me (my parents paid for college, well, except that bill). How much would this effect a credit score of Zero? On top of that, I have overdrawn on bank accounts by accident a few times, never more than $20, but I wouldn't know about it until the fee would go up a couple hundred, but all those are all paid off as well. How much does that effect a credit score? I will be starting my new job soon, $46,000 salary before taxes (have no idea what will be left after taxes, my parents always handled my taxes). I want to buy a HUD home or a REO home, for around $40,000. The government has that new-home-buyers-credit that they are talking about continuing in 2010. This year it was $8,000 credit, but I hear they are raising it for next year. I want to purchase the house with my boyfriend, who will also be a new-home-buyer (we plan to marry but I feel I need to get my life in order first). He makes about the same as I (will) do. If we are able to put half down on the house, will we be more likely to be approved? Can we get a loan for $20,000 (is there a minimum loan amount)? He handles his own bills, but he said he has a few unpaid bills (an old cable bill and an old phone bill), so I guess that means he has bad credit, but he's had more time than I have to build it up from Zero. I know my parents have done more harm than good. I feel ignorant about all this. I don't know the first thing about living an adult independent life, or what it's like to pay bills, or anything about finances. Any advice is appreciated, or any way you can point me in the right direction at all... my parents taught me nothing. omg, wtf is up with all this spam!!!??? Judith: I have no reason to lie, I am not requesting a loan from Yahoo Answers lol. I didn't know these bills existed because all my bills are mailed to my parents house. My mom will actually yell at me and threaten me if I ever put my own address on anything, which I have and she calls the people I gave my address to and pretends to be me to get it changed to hers. Yes, my mom has pretended to be me, forged my signature, all without my permission My license still has my parents address on it. haven't lived there in 6 years. My parents are business owners and put me on payroll even though I don't work there, so that I can be on their medical plan, but only say I "earn" just enough so that they can still claim me as a dependent to get tax breaks. My parents like having me under their control. I have tried to take over my life time and time again. When I was 16 I bought my first car (too bad I crashed it) with my own money and got car insurance, all by myself. My mom called the insurance company, pretended to be me, changed my plan, changed it to her name, and faxed over my forged signature. When I graduated highschool, she took all my giftcards with grad money and told me she'd give it to me in increments, like she has done with all my money she could ever get her hands on. The problem is more with my mom than it is my dad, but then again, my dad always insists on doing my taxes for me.. I guess it's because they've faked an income for me, and want to claim me as dependent. And what can I do about all this? Nothing. I can't call the cops on them, remember, they have MY LIFE in THEIR NAME. My place, car, phone, cable/internet, my license, a fake payroll- which includes my medical, and I don't even know what else. I'm trapped. But that's a whole other problem in itself, so excuse me for not going into details to begin with, but you really just have no idea. I wasn't planning on telling lenders that I didn't know about those bills I mentioned here anyways, what I was asking was, how much does this effect a credit score.. BECAUSE, I am attempting YET AGAIN to take over my life. I'm doing all this behind my parents back so that my mom can't call anyone pretending to be me and faxing over my signature, like she has done multiple times in other situations, like when I got cable/internet in my name, was paying it just fine, then one day I find out she called and had it put in her name claiming to be me.. didn't find out until the bills stopped coming. Most people can look to their parents for advice about getting their life together, and go to them for big moments in their lives like buying their first place.. I have to do just the opposite, and was just looking for some advice.

4 weeks ago - 1 answers