Impossible to buy a house in my situation? PLEASE HELP?

You are smart to do what you are doing, but you are getting a little ahead of yourself. Get the education first, THEN worry about buying a house.

You do NOT need the stress of a mortgage and all its related expenses over your head when you are trying to get good grades. ALSO... time will improve your credit score. When it passes 720, THEN you are ready to buy a house.

Otherwise you are going to pay through the nose in interest.

Patience my friend. You ARE smart.... patience and planning will make you WISE on top of that. Both in combination are hard to beat...:O)...

Good luck!!

You need a longer job history and tax filing history. Your age, in all honesty, has NOTHING to do with people not taking you seriously! Your credit score is below a 600 which automatically makes you a 'High Risk' applicant! To make things worse, your income to wanted debt ratio is too low! Keep in mind you won't just be paying on a mortgage and insurance, you'll be paying electric, sewage, water, heating/a/c, phone, internet, cable, food, etc. etc. Not to include any possible home repairs you may need to do. Your monthly wages would be eaten up before you even know what hit you! The average monthly payment on a 150,000 dollar mortgage is anywhere from 600-1500/month(if not more) and if you include the home owners insurance you're gonna most likely have to have, that could be an additional 600/month. You also have to consider property taxes associated to your home and land. All in all, you've already surpassed your monthly income!! If I were you, hold on to your land, pay your taxes, save more money. When you're able to get a job that pays at least 4-5,000/month you should be good! Just because they don't require a down payment doesn't mean you shouldn't have one. It'll lower the amount due and your monthly payments! You should ALWAYS have at LEAST 15-20% of the total price to put down no matter what!!

In any case, you should really stop taking this situation so personally and do a little more homework on buying a home/land along with debt to income ratios and how that will effect your credit! It's not your credit score that matters to lenders, it's your fico score!! Give yourself a couple more years to build up your credit and consumer history and you should be good!!

Additional Information: Your response to me personally proved my point. And your friend, paying $41 shy of a grand a month on a home that is only about 20,000 more than what you're talking about... AGAIN, HALF your income is GONE! In any case, you must know more than I! Good luck kid!!

there are 2 issues. First, the "huge" costs you say you have on the "major" items above. 1. Caulking needs to be done on a regular basis. Even if all the caulk was to be replaced, you are looking at $20 and several hours time. Even if you paid someone, it wouldn't cost more then $100. 2. The windows need to be fixed. This would mean removing the windows, fixing/replace trim and redo the windows. I can't see this costing more then $100 a window. The drywall work would cost around $100 a window. The total cost should run lower if all the windows are done at one time. However, the trim is already off, so the job is easier. In addition, if the trim was rotted, WHY didn''t you see this before you purchased. And NO! paint can't cover this type of damage. 3. Flashing. FIX IT! $100. Drywall repair, $100 4. If the bath tiles in tubes haven't been fixed yet, you will have major damage. However, to redo the grout, you could do this for less then $200, maybe less. 5. Porch flashing. FIX IT. Again, less then $100 and the drywall can be done at the same time as the other work. All of these items would have been found with a professional home inspection.

How long have you been at these 3 jobs? How much do you earn? What is your FICO score now? Also, not having filed taxes until this year might hurt you too, as this documents your income. Cable and electric bills don't count when applying for a mortgage. They only hurt you if you are late or go into collections. Why don't you need a down payment on this house?

You have to understand that it would be typical for people to not take you seriously if you have a 500 FICO, no money to put down, no tax returns, and no real credit history to show. Go talk to a lender and tell them your situation, and ask them what steps you need to take to be in a position to be taken seriously. They might be laughing because your ducks are not in a row at this point, not because you cannot attain this goal you have set for yourself.

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