Is it possible to buy a two family home if..?

Question

im 18 and my boyfriend turned 20 in March.

We have been looking for a two family, that way we can rent out the other family and help us with our mortgage. BUT he has good credit and I have no credit. We dont have like any money to put down yet.

Is it possible to get a home at a reasonable price?

Answer 1

With no money down, forget about it. Those days are over.

Answer 2

Find a repo that doesnt need too much work, if it does you wont get financed.

Answer 3

Once you have a down payment saved up, and assuming his income is adequate, HE can buy a property. You won’t be approved with zero credit history.  Neither of you will get anywhere until you have a down payment though.

Here’s a few things to keep in mind:

-You must be able to afford to pay for this entire property, including utilities, even when you don’t have a renter because having an empty unit is always a real possibility.

-You will be dealing with double the repair costs (all on your dime) with a 2 family home.

-You’ll need to research the cost of doing background checks on potential renters. (Unless you don’t care to know if you’ll get paid…)