Buy old houses: How to Buy a House If You Are 18 Years Old

Someone who is 18 years old is legally considered an adult . Federal law allows adults to enter into contractual obligations, including purchase contracts . The houses can be bought with money or borrowed funds. Adults with a history of little or no credit or no funds may have more difficulty in obtaining a mortgage. Most 18 year olds are still in high school or recently graduated , so you may have difficulty buying a home in borrowed funds due to the absence of previous work , low wages and pay little or step down . However, this does not mean that it is impossible.

instructions

        1

        Calculate how much money you have to spend on a house. Confirm if you can buy a house with the money or if you have at least three percent of the total cost of a house to pay in settlement or closing of a home purchase .
        2

        Assess how much house you can afford , taking into account the mortgage, insurance and taxes they owe you . A $ 100,000 home can have a monthly payment of about $ 500 mortgage . At the top of the mortgage , homeowners must have insurance to protect your investment , banks do not lend to those who do not guarantee the insurance owner . Contact your local insurance agencies for quotes and ask you if you need additional coverage , such as flood, foundation or insurance mold , which may be required depending on where you live. Contact a real estate agent to determine the tax rate to the current local ownership of the house. The annual property tax should be included in the list. Otherwise, find the name of the street from the house in a site value of the home such as Zillow to determine the latest tax rates.

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        3

        Applying for a loan , if necessary. Banks offer various types of loans , including fixed rate, adjusted rate and Federal Housing Association (FHA ) loans . Mortgage loans are fixed rate loans with a fixed interest rate for the term of the loan is 30 years . Adjusted rate loans interest rates fluctuate with changes in interest rates by the Federal Reserve. This type of loan can cause difficult financial budgeting. FHA loans are special loans at fixed rates, which do not require a deposit of three percent of homeowners who qualify. In 18 years, you may have difficulty obtaining a loan, but if you qualify for one, you can make the purchase of a house in the borrowed funds.
        4

        Find a real estate agent that can accommodate your schedule and help you find a home. Find a home you want to buy. You may want to consider hiring a real estate attorney to help you review the contracts provided by your real estate agent to help you negotiate a price and guide you through the legal aspects of the process.
        5

        Hire a home inspector . The inspector will check for defects . Add all defects the seller wants to correct in the addendum to the result of the inspection. Consult your attorney if your realtor pushes in his desire to have some fixed elements . Once the items are listed in the Annex, the seller must disclose to any interested buyer back in case you do not have to buy the house.
        6

        Negotiate seller defects corrected before it is ready to buy the house. Require the seller pay for the items that are essential to the safety of home.
        7

        Sign closing documents with the realtor and seller. This usually occurs in the office of a title company . In some states, the buyer chooses the title company , in this case , your real estate agent can make a recommendation

Buy old houses

How to Buy a House If You Are 18 Years Old

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