Buying my first house???

Question

I am planning on buying my first house in a few years. The thing is, I'm only 16, which would make me 18 when I bye it. I want to move to New Haven, Connecticut because I am going to Yale University. I want to know what I have to go through in order to buy one, like insurance realators and such. I am moving from Washington which is quite far away, so i just want to know how. I know 18 is rather young, but I have roomates (My friend and boyfriend) Who are already 18, so buying a house at my age shouldn't be a problem.

Answer 1

FIRST YOU HAVE TO KNOW WHAT YOU CAN AFFORD. THEN YOU HAVE TO SEE WHAT ARE THE INTEREST RATES THERE, THAT WILL HELP YOU FIGURE OUT WHAT YOU'LL BE PAYING PER MONTH ALONG WITH YOUR CREDIT SCORE[THE LOWER THE SCORE THE HIGHER THE MORTGAGE WILL BE] NEXT MAKE SURE YOU HAVE SOMEONE INSPECT THE PROPERTY. FINALLY LOOK AT AT LEAST 25-30 HOUSES BEFORE YOU MAKE YOUR FINAL DECISION

Answer 2

Buying  a  house  depends  on  your  income .

You   generally  qualify  for  about  4 times  your  annual  income .

If   you  make  $20  per  hour  and  work  full  time ,  you  can  get about   $175,000  house .

If   you  put  less  than   $35,000  down ,  you  will  have  a  higher  interest  rate  And  have  to  pay  additional  mortgage  insurance .

You  will  need  additional  money  for  closing  in  addition  to  the  down  payment .

The  lender  will  add  insurance  into  your  monthly  payment   which ,  depending  on  your  FICO   score ,  should  be  around  $1500  a  month .

That  is  unless  you  inherited  a  LOT  of  $$$$$$$   and  will  be  paying   cash  for   the  place .

Good  Luck

PS :   I  don't  think  there  is  anything  in  New Haven  under   $500,000  but  I  could  be  wrong .

Start  doing  yahoo  real  estate  searches   using  that  zip  code .

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Answer 3

You go to a bank and get prequalified to buy a place (you'll need a job to get a loan as well as ok credit).  Then you go to a realtor and they'll help you in your search.  When you find a place you put down a contract and negotiate the details.  Then if you work out an agreement you go to the bank and they go about getting you the loan.  You will need to inspect the place, have it apraised, and various other things, but the realtor and closing agent should walk you thru these steps.  You will need the insurance also to buy the place but you can just find a good agent after you have an accepted contract and they will then write the policy to come into affect when you by the place.