Buy Home
If you can find a lower priced smaller home (starter home) that you can afford, you can go directly to buying a home.
Minimum age to buy home without co-signer is typically 18.
To qualify for a mortgage (loan), good credit score is typically required. Build credit since 18.
Stable work history, typically 2 years, is needed for income to support mortgage payment, with income to debt ratio 30% to 41%.
Cash for down payment and fees could be about 5% to 20% depending on type of loan, unless you qualify for 0 down.
Examples of American Teenagers buying homes
14-year-old girl Willow Tufano is America's youngest landlord, with help from her Real Estate Agent mom
Chloe Green started working at 15 and bought $165k condo at 19. Her $900 monthly mortgage is less than the $1,300 she was paying in rent
Marta Aviles worked two jobs through most of high school, pre-qualified for a $70,000 FHA home loan when she was 18, and pre-qualified for a $90,000 conventional loan at 19 with a $32,240 salary. Five years later, she’s still in love with her condo.
Couple at age 19 got approved for an FHA loan using alternative credit and took about three months from walking into a lender’s office to getting the keys
Seth started working at McDonald’s at 13, saved up $30,000 for a down payment at 19 to buy a house with his parents also in the title
A 19-year-old bought a 1,300 square-foot freehold townhouse from a builder putting down $3,000 and paying $1,000 each month
Alsaleh took on three jobs while attending Cony High School and continued to work full-time through his first year of college.
By the time he was 18, Alsaleh estimated that he had banked about $40,000.
At 19, he bought a $310,000 three-bedroom family home with plan to reconfigure the house so it has five bedrooms.
