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HeatherP · Jun 30, 2010, 07:50 PM

Okay, I'm 18 years old and my fiancé is 19, we both have no credit scores (to my knowledge)) and no credit history. We want to move from long beach California to Doylestown Pennsylvania. I'm working on getting my drivers license as well as a small car but aside from that, where do I start? I don't know how to apply for a loan to buy a house, I don't know what to do when we get there, I want to be able to go by September of this year but I need to know what to do first. Can anyone help me out here? Also, the only income I have right now is my fiancés SSI, I would also like to know if that will follow him to another state or not.

Clough · Jul 1, 2010, 01:04 AM

Hi, HeatherP!

Where are the parents of both you and your fiancé in all of this, please?

Thanks!

HeatherP · Jul 1, 2010, 02:25 AM

My grandmother is the only parent I have other then my dad who wants nothing to do with me and he lives in another state. My mom passed away when I was a year old so my grandmother took care of me, my sister and my brother. She likes the fact that I'm trying to get my life together, that and we might be loseing the home I'm living in right now, my grandmother is living with her mom at the moment and therefor she's paying for two houses. Ive talked to her about me moveing, she's not completely for it, since she has stated that I am the most intelligent out of my siblings, but she's not saying no at all. She's even going to take me to try to get my license. Now as for him, his father went missing years ago and his mother just passed away a few months ago, the only other relation he has is his older brother of who he doesn't talk to. I hope that answered what you wanted to know

Clough · Jul 1, 2010, 02:38 AM

It does answer what I'm wanting to know. Thanks!

What is the attraction for the two of you where you want to go, please? If I was to try to move somewhere far from where I am now, I would want to make sure that there would be something available where I was moving so that I would have a place to live and also be able to find and maintain employment.

ScottGem · Jul 1, 2010, 05:29 AM

Why have you chosen your destination? Is there any significance to it?

First his SSI will go with him its Federal benefits.

When moving to a new area, the first thing you need to do is find a place to live. With practically no income forget about buying a house for a while. So you need to look for an apartment that you can afford based on his SSI. I would look for a short term lease of no more than 6 months.

Once you have a place to live, you start looking for work. After you find a job and have setup a household, you can start building your credit and savings.

HeatherP · Jul 2, 2010, 12:48 AM

Well, California is where I have been for years and I want a change as does he. Not only that but a close childhood friend of mine lives there and his spouse just passed away and now he's all alone. Is there any way for me to set up something while I'm still here in California? Or is there any way I could do what someone else asked, is there any way to buy a house and pay it off bit by bit while still living in another state?

J_9 · Jul 2, 2010, 12:54 AM

Do you have enough money for a downpayment for a house?

HeatherP · Jul 2, 2010, 01:08 AM

Originally Posted by J_9

Do you have enough money for a downpayment for a house?

No I don't but if I saved up enough for it, would it be possible to buy a house while in another state?

J_9 · Jul 2, 2010, 01:12 AM

If you are going to move, the best thing would be to save enough money for rent, food, utilities, etc, to last you six months or more due to the economy. It's very hard to find employment right now in any state.

Also, you will need (depending on the house you want to buy) about 12 thousand dollars for a downpayment as well as and established employment record.

Best thing for you right now, since you will have to pay for the move as well, would be to look into a rental situation for at least 6 months to a year.

HeatherP · Jul 2, 2010, 01:26 AM

How do I look for things in PN while I'm in cali? Just Google it?

ScottGem · Jul 2, 2010, 03:21 AM

Heather. Do you have any idea of what house prices are? You can use Google to get an idea of what prices are in that area. You can also ask your friend to send you copies of the local classifieds.

Yes you can buy a house remotely. But you have NO money and minimal income. You are a long way from qualifying for a mortgage. Forgot buying a house until you have a job and some savings.

J_9 · Jul 2, 2010, 03:48 AM

Heather, here is just a partial listing of the prices of homes in doylestown PA. Most of these are over a quarter million dollars. Without a career, I don't see how this would be possible for you at this point in your life.

Doylestown Homes for Sale & Doylestown Real Estate - PA | Homes.com

HeatherP · Jul 3, 2010, 04:19 PM

I'm not trying to buy anything big, all I need for starters is something small, even if I just have to rent a house at first.

ScottGem · Jul 3, 2010, 07:28 PM

Originally Posted by HeatherP

im not trying to buy anything big, all i need for starters is something small, even if i just have to rent a house at first.

You really aren't paying attention. To BUY a house you have to have a credit history, savings and income to qualify for a loan. You have none of those things. It doesn't matter how small you want to start with. Since the town is so close to Philadelphia and Trenton, its unlikely you will find anything under 6 figures, even for a starter home. That means you will need $5-$10K as a down payment.

So forget BUYING for a while.

J_9 · Jul 3, 2010, 08:58 PM

Okay, well here you go. Doylestown Real Estate - Doylestown Homes for Sale >> DirectHomes.com

Do you have $13,000 for a down payment?

HeatherP · Aug 23, 2010, 12:46 AM

I've looked into getting a loan, I can get one with bad or no credit, a 130,000 loan as low as 700 a month, but I won't expect to get that low haha, I'm going to have my fiancé, myself and two people I know I can trust signing the loan

ScottGem · Aug 23, 2010, 03:53 AM

Originally Posted by HeatherP

ive looked into getting a loan, i can get one with bad or no credit, a 130,000 loan as low as 700 a month, but i wont expect to get that low haha, im going to have my fiance, myself and two people i know i can trust signing the loan

Getting co-signers on a loan is about people YOU can trust, its about people who can trust you. A co-signer is taking responsibility for a loan if you don't pay.

Have you not been aware of one of the main reasons for the recession we have been through the last few years? A large part of it is because of people who took out credit, specifically mortgages, that they couldn't afford and where the lenders look risks they shouldn't have.

You need to make sure that any loan you take for housing does not involve a payment that is more than one third your net income. Which means you and your fiancée need to bring home more than $2100 a month to afford a $700 a month mortgage payment. And also $700 is not all your expenses, there are taxes, insurance and utilities to pay for.