I am 18 years old and have no credit i need to buy a home in cincinnati by july how can i with no credit built?

You won't be able to get a loan without a job. Most loans require you hold a specific job for at least 2 years as well. You also must have at least 3% down for FHA and 20% down for a traditional loan. It doesn't sound like you're in a good place to be buying a home right now.

With no credit, and the income you listed, you will not qualify for a home loan.

Unless you have a HUGE downpayment, you will not be able to do so. At 18, you don't even have the credit necessary for a bank to even take a look at your application. Also, at 18, you are in no position AT ALL to turn your nose up at the FHA rules as that is the ONLY way your will even remotely be able to get this house. Unless you can find a way for a family member to loan you the money to get the house, you can kiss this house idea of yours good bye!

Before you can purchase this home, you will need to double your hourly income with no credit.

It will be very tough as this is the kind of lending that got the market into trouble before. If you have a sizeable downpayment 40-60% of the worth of the property and have proof of income, you may get something but it is unlikely. See if your family can get the credit and buy the house, then you arrange to pay them the monthly repayments. Make sure that you have everything written down though so that they cannot take the house off you or claim some of the sale value.

Beware of those payment calculators you find. They don't take into account taxes and insurance that will add to your monthly payment. Depending on the type of loan, there may also be mortgage insurance which will also increase your monthly payment. If you are not currently employed, it will be almost impossible to get a loan by July as you need employment history of at least 2 years to show that you are capable of holding down a job to pay the mortgage. Also, if it is a fixer-upper you may not be able to finance with a conventional and/or FHA mortgage due to the repairs required (ask your Realtor to see if it is insurable or not). Another concern will be the amount you are wanting to finance. It is very difficult to find financial institutions that like to write loans under $50,000 as they just don't make much money on them. Assuming you have a 20% down-payment, this is going to be a very small loan and probably even harder to get. You don't necessarily need credit, but you will need something to show you can make monthly payments. They can use things like utility bills, cell phone bills, credit card bills, etc. to show payment history. If you don't even have any of these yet, it might not be realistic at this time. I would suggest you start talking with a mortgage broker and/or banker now to see what you can qualify for and what they would be willing to finance. Good luck!

with those stats, i'm seriously doubting that any bank would touch you for a loan. you also didn't mention how much that you would put down, as most conventional is at least 10 percent down and FHA is 3.5 percent down (FHA loans are also no more restrictive than other loans with who can live with you. where loans can be restrictive is when you are talking about rental property, and even then as it's an owner occupied rental, it shouldn't be an issue). you would also have to factor in closing costs. a bigger issue is how do you plan to play for the repairs? the home might not even be habitable at this point. it never hurts to ask around, but i don't think that you'll get a loan at this point.

Maybe you could make the basic mortgage payments on the house with that income, but what about taxes? insurance? electricity? heat? water? sewer? repairs? maintenance? Not to mention all the other expenses of life. At 18 years old, nobody making below minimum wage can afford to own a home. Sorry, but that's the plain and simple truth. In addition, as others have said, if you don't want to go through FHA, then you'll need at least 20 percent down payment before you can even think of buying a home. Do you have a spare $12,000 lying around for that? Didn't think so.

As others (especially dude8) say, the numbers just don't work. And FHA (either a conventional FHA loan or a 203k loan to include fix-up money) comes closest to meeting your needs. That's why people keep telling you about FHA. And FHA doesn't get into who stays or lives with you. But if you're rejecting the FHA option, so be it. Think outside the box. You found a house that's $59,990. Who says that's what you have to pay? Offer less. And make it a lease-option or subject 2. The numbers are still very, very tight. Hey, you're earning almost no money. But a scenario involving a lease-option of $300 a month in rent and a purchase price of $35,000 with a 5-year lease option might work. Or boost your "income" by renting out some of the rooms to other students. Checking Craigslist, rooms seem to rent for roughly $300 a month. Rent out two rooms and, being conservative, that's $500 a month in extra income. Then you could have a more comfortable lease-option scenario of a purchase price of $45,000 in 5 years with a monthly lease of, say, $500 a month with $150 credited toward the purchase price. In 5 years, you'd have $9,000 in option credits, bringing your purchase price down to $36,000. You can play around with those numbers, but the basics are: (1) boost your income by renting out rooms; (2) do a lease-option to keep your monthly payments reasonable; or (3) do a subject-to if the numbers work. Hope that helps.