Is it possible to buy ur first house at a young age?

im turning 19 soon and am wanting to purchase a house for the first time. has anyone out there bought their first house at a young age?? Is it possible even with bad credit???

I am 22 and my husband and I bought our first home back in June-my husband had no credit and mine wasn't great and we did it!

YES!.... As long as you have good credit and income and a decent down payment. Some states will not allow a minor to enter into a contract, unless you are "emancipated" ...so are you married?

As you may have read, many folks are losing their homes due to lax lending guidelines a few years ago. The banks were giving away money to almost anyone who would "fudge" their numbers on a loan application. Now they are tightening up the rules, so you will have to be more squeaky-clean.

I suspect, with bad credit that you can't get a house this year....unless you marry (or are with) a wealthy guy with a good job and good credit.

HOWEVER... that should NOT stop your dreams about owning one. It is commendable that you are thinking ahead at this time in your life. Since there is a current housing/banking crunch in the USA right now, and it shall continue into next year as well, this IS THE PERFECT TIME to clean up your bad credit. Whatever bills you have, pay them off, not just down, but off. Then start a disciplined savings plan for your down payment. This may mean not buying toys and gadgets like new cars, or "cute" things. If people ask you to spend your money, simply tell them, "I'm sorry, I can't right now. I am on a financial diet." "Maybe in the future."
By adopting this attitude, of forestalling the "Now" gratification, AND simultaneously saving for a worthy goal, you WILL REALIZE your dream of home ownership by the time you turn 25.
Where do you live? I can probably help you, if I have an Idea what part of the country you live in, and what a typical home there costs. Say that you live in Northern California. The Median Home there is $800,000. The typical Condo is @ $ 500,000-650,000 depending on location and amenities. A 10% down payment would be $50,000-$80,000.
If however you live in the mid west where a modest home could cost between 100,000and $300,000, then you would only need to save up $10,000 to $30,000 ...which is easier to do...or actually neither is easy, but the later will take less time to accumulate.

If I were you, I'd sit down a write out a 5 Year plan. That means by the time you turn 25 you'll have reached your goal of home ownership.

YEAR 1 GOAL: Pay off All debt & improve credit score.
PLAN OF ACTION: Stop using & Cut up all credit cards (if any) pay off all department store charges, STOP SPENDING ON UNNECCESSARY ITEMS.

YEAR 2 GOAL: Start putting aside 10% of every paycheck towards future home down payment.
PLAN OF ACTION: Keep spending under control. Don't live like a monk, but PLAN & Budget for only one fun thing per week (Or 1 more special thing a month). Something modest like a meal out with friends. (Pay Cash so you wonâ€™t be tempted to over-spend). If a big event comes your way like a trip to another state to attend a wedding, for instance, then forego other "fun" to direct spending on special occasion

YEAR 3 GOAL: STAY FOCUSED ON THE PRIZE!
ACTION PLAN: This is the year that you will reach your halfway point. This, in itself, can be very empowering. Look around you, Notice all the F-U-N your friends seem to be having. Remind yourself of your worthy goal. They are having fun now, but they won't have a house by the time they are 25, will they? Remind yourself of this daily, if need be. Put an affirmation on your bathroom mirror and recite it out loud every day (When getting ready for work.) Whatever you repeat often - will become a subconscious thought that shall carry you closer to your goals! Affirmation :( I spend money consciously and save for my future. Everything I affirm will naturally take place, YES!) In July, look at your growing bank balance. Look in the newspaper For Sale pages and determine the average value of homes for sale. Measure your savings to see how far away you are from achieving your dream of saving up 10% down payment. Make adjustments. If need be, take on a second job to accelerate the process.

Year 4 GOAL: CONTINUE SAVING AND MONITORING YOUR SPENDING
PLAN OF ACTION: By now you might be getting a bit weary of the saving for your future bit, so now will be a good time to start home "Window shoppingâ€. You might meet some real estate agents that will try to convince to buy right then, but remember one thing. They are on commission, like a shoe salesman, they need to sell a certain amount of product in order to get a paycheck each month. TELL THEM: "I am just starting my search, and don't plan to buy until I have saved up a 10% down payment." This should convince them that you are a mature and serious young person. If, you feel any pressure, RUN! (They just see you as a paycheck.) If, on the other hand you happen to meet a nice non-pushy seasoned agent that seems helpful, ask for their card for "future reference". Ask them about any up-coming first time home buyer seminars or programs they may know about. Attend some workshops. Tell them you plan to buy only when you have saved an ample down payment.

YEAR 5 GOAL: Get Pre-approved for a loan
ACTION PLAN: Once you know that you're on target to reach your stated SAVINGS GOAL, then ask at your bank or credit union how much you can get qualified for to make a home purchase. THIS STEP is very important, because, folks that got sucked into taking out a loan before they had a good down payment saved also got stuck with a SUB-PRIME loan with a bad interest rate and loan terms that only benefited the lender. With a good down payment you can achieve two things. 1.) You will probably qualify for an FHA sponsored loan which has much better terms for the consumer, and 2.) You will have significantly lower monthly payments over a 30 year re-payment period than you would have on a zero down payment type of loan. THIS ALONE WILL SAVE YOU THOUSANDS OF DOLLARS IN THE LONG-TERM!!!

ACTION STEP # 2 for year five: Once you know how much home you can afford by getting Pre-approved at a bank, start going to weekend open houses on Sundays to determine values. As you window-shop for your dream home, you might be tempted to "jump on" the first house you like. Remember, this is a "determine value" exercise. Take your time to window-shop and when you really are ready, you will be well-educated regarding how many features you can get in a certain price range. You also will have, by then, become educated about things like floor plans (Layout of rooms) and amenities that you like and more importantly dislike. Important things such as: Busy street or location, noisy neighbors, junkyards at the neighbor's home that affect your views, low or high crime areas, Sunny, well-landscaped yard (vs. an overgrown or a bare patch of dirt), well-maintained & updated, vs. run-down older "vintage" fixtures that may soon need replacing. Etc,,,) all these will affect the asking price of a home, AND it's eventual re-sale value!!!
A good trust-worthy agent can help explain a lot of these things to you.
GOAL DATE: Start shopping with your trust-worthy agent in earnest now and be sure to get INSPECTIONS before you remove your final contingencies.

Let me know how it goes! GOOD LUCK!

Here are many first time home buyers programs available. You may start by calling the city Housing Office in your city or the county housing officemortgage brokers or institutions that are authorize to administer the program. These agencies are normally listed on a pamphlet.

You CAN buy a house at your age, provided you meet certain criteria like income, length of time on the job, creditworthiness, amount of downpayment, etc.

Yes, I do believe that it's possible to buy a home even with bad credit.

You do realize, right, that ANY home you purchase will probably require AT LEAST a 10% down payment? So, if you are looking at a home that is $100,000 you will need to put $10,000 down on it.

Anything is possible... I am 28 years of age and I bought my first home when I was 23yrs old... As long as you can qualify for that loan.. You need to be employed for at least 2years and show you have the steady income coming in... As long you can show that you can afford the house, you will be fine.. But, if you have bad credit it will be kinda hard to get the mortgage... Unfortunately right now you have gotten into the market at a bad time.. To get qualified for a mortgage it is now harder than ever... All of the programs that were there before that would allow borrowers with a low credit score and bad credit into a home is no longer their... You need at least a 660 credit score to get an okay rate... I suggest that you do research on this first. Contact a mortgage company or bank and let them know you are interested in getting qualified for a mortgage.. If you don't qualify, ask them if they can suggest a few things that will help you qualify within a year.. You may need a co-borrower to get this done depending on your credit. I hope this helps, and good luck!

Yes. I bought my first house at 18 with no credit or down payment. Of course that was 25+ years ago.

You're definately old enough but bad credit is a real stumbling block these days.

It is possible if you find the house you like, try applying for a first time home buyers loan. It helps...

I bought my first house when I was 22 and I would not suggest it to anyone because it is hard to pay a $2,000 mortgage while your friends are out driunking and traveling.

With bad credit you will be paying uwards of 9% to 13% interest. Plus, you have insurance and property taxes to factor in to your monthly payment. I have a $144,000 loan and pay $1,189 per month at 7.25% interest for 30 years. The payment includes insurance and property taxes. Do you have the income at 19 to take on a mortgage?
Also, with the housing market the way it is, those low interest, bad credit loans are disappearing. Banks no longer want high credit risk borrowers.

You have bad credit and you are only 19?!?!?!?! YIKES!

Yes, you can buy a house as soon as you are old enough to enter a contract (18), but if you have bad credit, no down payment, and you have not been at a stable job for many years, I would not recommend it.

Due to the recent subprime crisis, you will not likely find anyone to finance you with bad credit, no long work history, and being that young, unless you have a huge down payment.

Yes you can purchase a house at a young age. The optimal way is to have great credit, great job, and lots of money.

You have bad credit, you will need to put a very large down payment. Very large. Extra large. You also better have a job that is paying you enough so that you can make mortgage payments and still live.

there are a lot of factors, but the biggest ones will be whether or not you have been steadily employed by a single employer for longer than a year and how big of a down payment you have saved up. the more you have saved for your down payment, the better your odds of financing the rest.

if you've been steadily employed, don't have a lot of other debt and don't have loads of credit cards (which are seen as a risk factor, because you could go on a spending spree at any moment I guess) and you have saved up a really solid down payment (the absolute minimum is 10% of the sale price of the house, but really you want to have much more than that if you can) then even with bad credit you may be able to get a mortgage.

the thing is that, if you get a mortgage and you have bad credit, your interest rates are going to be horrific. and realize, you're committing to probably 15-30 YEARS of payments at a really bad interest rate. might be better to spend 5 years getting your credit into shape in order to have much lower interest when you get the house.

i dont think you can buy a house without a permanent job (at least one year at the job) with a decent salary. Depending on how much money you have to start with - they might give you a good loan rate even with bad credit.

not really. Buying a house and financeing it is one of the most difficult things to do. First, I'm guessing you have no credit. No credit may get you a car, not a house. Second you suggested you might have bad credit. Also when you go for a loan, banks look into your career and figure out if you can afford thirty years of continual payment. At 19 it seems unlikely. Still, though, after a degree it is possible. Try 20-22.

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