Posted on: 26th Feb, 2011 12:15 am
My aunt has never had any debt, and has never lived on her own. She's never even had utilities in her name. Now she is on her own and trying to raise her grandchildren, and wants to buy a house. She could rent something, but the way the market is, she could get a bigger house for a lower payment than renting an apartment. She has a steady job that she has had for almost a year, but no real work history prior to that. Are there loan programs for people like this? Right now, she and her grandkids are staying with my parents. She just got a secure credit card from her bank.
No I am afraid not - there are only a few programs out there and they all require 2 years work history and some sort of credit history to base eligibility on
It will take a while but she can do it in a short time if she works at it - Start establishing credit - never be late on any payments and get the second year at the job
It will take a while but she can do it in a short time if she works at it - Start establishing credit - never be late on any payments and get the second year at the job
Very few loan programs will allow anyone without two full years at one job qualify, so this may hinder your aunt. While what she is doing with for her grandchildren is quite admirable, she may be better off renting for that single year while establishing a solid credit rating, and then buying. It will give her time to show steady payments, a longer job history, and a baseline of credit. If she does rent, she should choose a complex that does report payments to credit bureaus for the benefit of providing her a good credit score rating.
