Hi,

I, my brother, and a friend want to buy a house together. We have never owned a home and all 3 of us are currently sorting out our career paths, and would like to have a place we can all go to and call our own, as opposed to renting and watch our money go down the drain. We are planning on each saving up enough money for a sizeable down payment(20-50,000) and are looking to buy a home in the 140-160s(I guess we could do this..). Here is the thing(is it a thing?)..I have never had a credit card or made any type of purchase that has put me in debt, and I'm pretty sure the same goes for the other 2(my bro has a credit card, but no debt...friend has school loans)and I don't know that much about mortgage loans(nothing,really). Could we even get a loan? Would we need someone else to do it? A co-signer? Basically, could we swing buying a home with almost no "credit experience", and in our seeming states of financial unstability(we all will have jobs of course...)? I know we could pay the loan off quickly and easily, but could we get one....3 guys just getting together to buy? Thanks a million!

There are programs out there for no credit and slow credit. A loan will depend on many things included debt-to-income ratio (DTI) and if you have any credit, what that is.

There is a chance you will be able to purchase the home, but of couse you will need to talk to a loan officer to be pre-approved.

The first step I would recommend you take is to visit (in person, all three of you) a local mortgage banker and see if you can qualify for a loan.

Second you need to give some thought to how you and your group are going to hold title to this property; there are several ways. Your mortgage banker can probably direct you to a title company to give you the 'quick & dirty' answers to that question.

Third; assuming you get this far, you need to select 1 real estate agent you can work with to find the house. Find someone that is willing to be patient and explain anything you don't understand as you go along. Don't be afraid to interview several and don't just call the person who's name is on a sign in the yard of a house you like.

Those 3 steps should get you off to a good start on the road to home ownership.

Good luck,

You should speak with a loan officer. They have programs for first time buyers and people with bad or no credit.

I'd recommend visiting not one, but a couple of mortgage brokers. Brokers with a large selection of lenders that they work with. It can be done but seeing people who have done this, I wouldn't proceed without a partnership agreement in writing. Remember, one person fails to pay his fair share, all suffer and all get their credit dinged.

Keep in mind that there is a difference between a bank, a mortgage banker and a mortgage broker. Generally bankers have access to more different loan products than banks and brokers have access to a larger variety than both.

Send me a PM if you like to discuss in more detail.

PS. I'm a loan officer and a Realtor.