09-01-2011 03:36 PM
Welcome to the ZipRealty community! Thank you for posting in the forums.
I will contact one of the local agents to see if they are able to answer this question for you.
Client Care Specialist
09-02-2011 06:52 AM
It all depends on what your income is, where and what type of house you would like to buy and what your credit score is like. I recommend speaking with a mortgage professional- they would be the person most suited to tell you if you are able to obtain mortgage financing. Unless you plan on paying cash, then the answer is yes, you are able to buy a house.
09-02-2011 11:20 AM
Tyisha, I would say that yes you could purchase a home, however there are some important facts that I would need to have before confirming you actually buying power.
Since you are 18 you are able to purchase a home as you are considered to be of legal age to enter into a binding contract which real estate would be included in this contractual arrangement. This primarily is important should you be seeking to finance your new home through a mortgage, which all lenders will have a specific set of mortgage guidelines that they will follow to include:
1. Are you employed?
2. How Long have you been in your current position?
3. What is your gross income?
4. What other obligations do you have besides the mortgage you are looking to create? (car loans, credit card payments, school loans, essentially anything with more than 12 months remaining on the payments will be considered)
5. Current assets available to complete the sale or will you have funds provided to you from a relative or use a concession from the seller?
6. What type of credit do you have? What is your credit score?
7. Who are the purchasers, and what are their qualifications?
All of these are important considerations that lenders will use to see if you qualify for a loan. With all of this said, being 18 is one of the first important factors in making you eligible to purchase a home, and since you and your sister are twins she would also qualify as being able to purchase condition of course on the above factors.
If you would like more information please call me at 610-980-2138 that is my direct line and I would be happy to customize a strategic buying plan for you.