Posted on: 14th Jul, 2009 05:28 pm
I am a first time home buyer and the home we are interested in is a 1978 model mobile home in excellent condition. they are asking 69,000 for the home and its a 20% down payment fixed on a 30 year mortgage. the payment based on this is 309.00 a month. my question is i am only 19 years of age and have a good credit standing but can i get approved for a loan this big and if so how do i go about doing so. I am very much wanting a new home.
Hi amandalm,
Getting a loan will not depend upon your age. It will depend upon your credit score, your income and whether or not you are able to pay the down payment. You have mentioned that you've a good credit record. Along with this, if you've a stable income, then you can definitely get a loan. In case, you do not have the down payment, you can ask your parents or relatives to gift the amount to you.
Getting a loan will not depend upon your age. It will depend upon your credit score, your income and whether or not you are able to pay the down payment. You have mentioned that you've a good credit record. Along with this, if you've a stable income, then you can definitely get a loan. In case, you do not have the down payment, you can ask your parents or relatives to gift the amount to you.
I think anyone older than 18 can do that, is there any age threshold ? I think it maybe 18 years, but not sure. Good luck with you new mobile home purchasing!