What do i need to start doing in-order to buy a house?

Question

I am 21 yrs old. I have about 2 more years left in college. I am currently living at home. I thought about renting but realized it was abad idea. When i decide to move out, I want to buy a house.What should I start to do now, so I can be able to get a house in about a year or two?

Answer 1

You need to get a job and put all of your paycheck into a savings account.  You need to save at least 20% downpayment of whatever the cost of your house is.  Then, add at least $20,000 for repairs and a couple thousand dollars for real estate agent fees.  You need to build a good credit at the same time.

Answer 2

1)You will need to have money for the down payment

2)Have a steady income for at least 2yrs

3)Have positive things on your credit report like at least three things that you have been paying on for at least 2yrs without being late ex. credit card ,loans,car

4)Dont have alot inquires on your credit report,  meaning when you try to get a loan make sure they dont run your name to alot of different banks to get you approved because it makes you look bad

5) Call anyone on your credit report thats showing past due accounts, setup payment arrangements and have them give you a letter stating that you are paying

Answer 3

You will need to start building credit, and you will need to be in a steady job with good income for a decent amount of tme, and save for a down payment. A student fresh out of college with no credit or work history is going to have a hard time getting a loan.

Answer 4

#1 You should talk with several lenders in your area to see what you might qualify for.

#2 if you qualify, then you need to find a Realtor to work with.

#3 Listen to your Realtor  LOL

It's in the simpliest form, but it is what you need to do.

Best of luck!

Answer 5

NO! DO NOT BUY A HOME!!

Buying a home is a HUGE purchase and while 99% of people here will say to buy but they are wrong.

The reason is because you are still pretty young and do not have your career path cemented.  How do you know you will be in the area after you graduate?  What if your job is out of town?

Things change a lot when you graduate from college.  I graduated 2 years ago, got married, had a kid, and moved 4 times since.  

Right now I have a career and I know where I will be in at least 5 years and my income will be constant.

Yes renting is throwing your money away but it is better to pay $300 rent, have money left over for fun, and then decide where you will live rather than working extra, not having any money left over because you pay $1500 mortgage, $250 in taxes, $100 in insurance, $216 in PMI, and $100 water every month.

Answer 6

You'll need cash for the down payment, excellent credit and proof of adequate income for a loan.