ANSWERS: 36
  • I don't see why not. I bought my house and got a mortgage myself at the age of 21. I was single.
  • I did. Why can't you?
  • As long as your income can carry the debt.
  • Different states have different age requirements. You may need a cosigner. Check with your local Real Estate Board.
  • As long as you make the money...
  • You might be able to buy a home at your age but there are a few things to keep in mind. Lenders look at many different factors to decide whether or not to approve a loan. Credit is one of the important determining factors. If you have good credit, have been at your job for a few years, debt/income ratio that meets the lender's requirements, you may be able to get a loan. It's not so much the age, but how long it takes to establish credit. Here's a site from Countrywide which touches on a lot of mortgage and credit related topics. http://www.countrywidecredit.com. You might want to get a copy of your credit report to see where you stand. Also, since lending requirements have become stricter, post sub-prime crisis, having down payment will probably help also.
  • If you are earning enough to cover the payments there is no reason why you should not buy a home. It usually works out cheaper than renting one.
  • The short answer is yes. As another responder wrote, it is not so much your age. What matters is what you can present to the bank to convince them that it is worth it to lend you the money. Things that will work in your favor would be: A good credit score, 700+, a "good" job, and willingness to make a considerable down payment, perhaps 1/3 of the value of the property. If you've got these in line, you should be able to get a mortgage. (Of course if you've got the cash, you can just buy the house outright.) Other things factor into the lender's decision. Most of them have been mentioned already- debt/income ratio, etc. If you are like most 20 year olds, your parents probably have more assets than you. If they are nice, they might co-sign the mortgage. But really make sure you can make the payments yourself; it's kind of tacky to put your parents in a legal bind of having to pay up because they helped you buy a house. And they would indeed be bound to pay if you for any reason were not willing or able to.
  • Yes. But depending on how much the house is, your lender is going to want to see how good your credit is. If you don't have a very reliable credit score/history, then chances are you're going to have trouble getting that house. Especially being 20, most of us at that age don't have the ideal credit history or have enough history for the lender to know that they are good to pay the mortgage every month.
  • all depends on the bank, i bought my first house at 19 but that has been a few years
  • sure you could, but why would you want to? climb a mountain, backpack through Europe, jump out of a plane. Spend your money on those things or other adventures. Save some for the future and then you will have a nice down payment, the economy will be stronger and you will have some great memories and photo albums of your 'misspent youth'
  • Yes you can, first you should consult / interview a couple of real estate professionals to find someone that is qualified and will look out for YOUR best interest. Not theirs.
  • Sure. With the proper income and credit rating.
  • You can, but unless your credit is great, and you can show a long term regular income, it will be difficult!
  • Thank you for asking a question that I was wondering about for myself
  • I think there is no problem with the age, as long as you have enough money to invest that will be just fine.. and it will benefits you since you started investing at the young age.. you can settle down anytime you want and you will not mind looking for another since you own one. http://realestate.ozfreeonline.com/19958/For-Sale/Houses-SemiDetached2/4-bedroom--2-bathroom-family-home.html
  • Are you crazy? Yes you can! If you have a bank account, a good credit rating and a decent income, you can buy a house. However, my advice? Don't do it! The housing market is a sham. All houses are ten times what they are truly worth in our time. It's better to rent than to own. If the economy collapses, the government will hike the taxes up on all land and houses, and how do you think people lost all their homes in the Great Depression? Just imagine it being 100x worse. So, just rent. Stash away some precious metal bullion, stash away some MREs and get ready for total economic collapse. It's coming to a town near you.
  • Yes. You are legally an adult at the age of 18. If you were to buy a home and you were under 18, it would need to be in someone else's name or held in trust for you until you became of age. You can also apply for a loan on your own once you turn 18. FHA offers a co-sign loan, if your parents or another family member are willing, they could co-sign for a loan for you, if needed. Hope this helped. Rebecca Roberts, president Cougar Mortgage, Inc.
  • If you have the funds then YES! You're legally an adult at 18. Go for it!
  • Of course if you have good credit and a job (income).
  • why not? the question will probably this; 'do you have enough money to buy a home and/or to pay all debts?' if you have money, yes! of course! all you need is to present all necessary documents and that's it! you have your new home. on the other hand, if you don't have enough money, get a home loan. just prepare yourself for your monthly payments. and before that, you can calculate everything first by this sample financial tool, http://www.fiscal-wise.com.my/FiscalWiseWeb/FinancialTool.aspx thanks!
  • Real Estate law varies world wide ... in most places you are allowed to buy both the land and a building (assuming sufficient funds exist).
  • You can..And http://fiscal-wise.com.my/ can help you with that.
  • Yep! In fact you could have legally bought a home 2 years ago, on your 18th birthday.
  • Only if you are considered to have reached the age of majority. In other words, if you can LEGALLY enter into a contract on real property, then you can. In most States, you cannot legally enter into real estate contracts until you reach the age of 21. Check with a local Realtor, to be sure.
  • Sure , get a GI loan mortgage! If you're old enough to be shot at you're old enough to buy!
  • sure u can...when there is will there is a way...try to earn a bit more and take some loan...buy a new house...give some part of it for rent...use that money to pay urr monthly cheques for loan...I belive...Do not spend less coz urr earnings are less..earn more !!
  • why not?as long as your income can afford to buy a house
  • In the current climate why the hell would you buy a house? Wait for a bit!
  • Do it through an FHA insured mortgage. You can do it from as little as 3.5% down and credit is not an issue, as long as you have at least 520 points (which is not hard to accomplish by any means) and can proove 2 years of steady job history (same job since you turned 18), you are ellegible for a First Time Home Buyer insured program. In some states there are even grants to cover that 3.5% if you dont have that. Steady income is really the key. Good luck.
  • Sure, if you have the downpayment, good credit and a good, secure job will allow you to meet your payment obligations
  • If you have the abilty to pay off your mortgage, there's no reasons why not.
  • YES IF YOU HAVE THE MONEY AND A GOOD JOB. AT AGE 20 IS THE PERFECT TIME TO BUY AND ENJOY.
  • You certainly can if you have the proper credit, Income, etc ... I purchased my first home at the age of 18 .. +5
    • Mr PantsFellDown
      OH FU! -1,000,000,000
  • No, you may not.

Copyright 2018, Wired Ivy, LLC

Answerbag | Terms of Service | Privacy Policy