Could I get a loan to buy this house?

I'm 20 and I don't know anything, I probably don't have any credit because I've never really bought anything big and I don't have a credit card. I earn about $15,000 per year and have about $5,000 to put down on a house that costs $19,900. Would I be able to get a loan to buy it?

Best Answer:

Andy L: First, I would take a hard look at a house that costs $19,900. That's the price of used mobile homes. Condos at that price would be a closet in a nasty neighborhood with a monthly charge also as not owning land. I've seen cabins at that price.

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About a Mortgage, probably not from any bank or credit union for a few reasons.
1) Too low an amount to borrow on a first mortgage. Their mortgage servicing costs would be higher than the money they make on the loan, and it is probably too small to re-sell.
Lets say $1000 in closing costs and 20% down payment $15,900 mortgage is more of a home equity loan or line of credit on a more expensive property. They don't want to deal with cheap old small houses in terrible condition. It has to pass structural inspection
2) By the numbers, a $15,900 30 year 6% as high rate APR
http://bretwhissel.net/cgi-bin/amortize
on a 30 year mortgage is $95.33 Principal and Interest
$50 a month Property tax and home insurance
$145.33 is well within affordability of $416 a month if the property had no monthly maintenance fee.
There could be a condo or mobile home, but those are different lending and criteria. More information is needed about monthly fees and costs.

3) No credit history. Not 2007-2008 any more. No lenders take a chance.

Show me the $19,900 property in the USA. The median home price is now $244,100
This is $14,900 in Las Vegas. You can't live in it in its current condition.
http://www.realtor.com/realestateandhomes-detail/320-N-16th-St_Las-Vegas_NV_89101_M20510-62436

What you describe is a specific case, without providing all of the details.

Other answer:

Andy L:
1) No credit = no loan……end of story.
2) Buying "big" things DOES NOT build credit. You build credit by using credit.
3) You need to get a real job before thinking about buying a house with a loan.
StephenWeinstein:
No, you cannot get a loan for a house with no credit.
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