have questions about buying my first house.?

i am looking into buying a cheap decent fixer upper. i am knowledgeable in repairs and what i do not know i have my dad and father in law who are skilled plumbers and masons. i have seen homes for less than 50,000. i am tired of renting. plus i have a 3 year old and 1 on the way so i want a place for them to be able to play. i live in an apartment now. also i am a mechanic so it would be nice to have a place to work (besides my work) what do i need. i make around 550 to 600 every week which is pretty good in indiana. also does anyone know how i can check my credit score. i have no idea what my credit score is. never really messed with it. i am almost 22. i have never bought a new car. i like to pay cash for everything so is no credit bad credit. would my score be 0. is it possible to get a small loan with no credit. any help or additional info would be greatly appreciated
ok i should have put this in here but my fiance has credit. she has been on her moms credit card since she was 16 (macy’s card) and has had a few credit cards. she does have one that is 00 which she has paid the minimun since she has had it and never missed a payment and we are now paying more than requested to pay it off. also whatever is owned if it is not paid off will be paid off in full with my next tax check. could i use her credit. also is there a web site or business to check her credit score

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Wed, Apr 14, 2010

Questions

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Tags: Apartment, Bad Credit, Credit Card, Credit Cards, Credit Score, Dad, Fiance, macy, masons, mechanic, New Car, plumbers, tax check

5 Responses to “have questions about buying my first house.?”

  1. Nancy Says:

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  2. Realtoratheart Says:

    Justin if you don’t have a credit score, you can’t get a loan in todays economic world. You need a score higher than 580 to qualify. And

  3. Like90 Says:

    Sorry, you need credit to get a loan, otherwise you’ll need a co-signer (hardly anyone wants to co-sign, it means they have to pay if you default on the loan). I suggest that you start building your credit. Get a credit card (preferably with a low interest rate) and make small purchases with it and then pay it off every month. Always pay on time and never owe more than 75% of your credit limit. It may take a year or two, but you should be able to get your credit high enough to get a mortgage. Never buy anything with a credit card that you cannot afford to pay. Credit cards are not free money, you must pay it back plus the interest incurred on your purchase.

  4. Heather Says:

    If you have never bought anything using credit, had a credit card, or got any sort of loan, you don’t have enough credit to qualify for a mortgage. If buying a home is something you really want to do, you can build your credit up slowly by getting a credit card, using it once or twice a month and then paying the balance off in full each month so you don’t accumulate interest. It will take awhile to have a decent enough credit score to get a home loan, but eventually you will be able to do it.

    Good for you for not having debt. It does suck that we need to have credit to get loans, but that’s just the way it is.

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