It’s impressive how forward-thinking you are at such a young age. You can legally buy a house at the age of 18.
Any younger than 18 and you wouldn’t be able to purchase a house (at least not without a cosigner) since you’d still be considered a minor. At 18, as long as you qualify for a loan, you’ll be able to purchase a house!
To qualify for a loan, you’ll need a good credit score and debt-to-income ratio (DTI). You’ll also need enough cash to place a down payment. If you need help with either of these aspects, you can turn to the Federal Housing Administration (FHA) to get a specialty loan for low-income individuals.
Before you make this decision, take a moment to make sure this is what you want. A mortgage is usually a fifteen to thirty-year commitment. Are you settled enough in your life to commit to one place?
If you end up buying a house, you’ll need to get homeowners insurance
. To get the most out of your policy, you should download Jerry. Jerry
is an insurance broker created to simplify insurance shopping. A fast, free sign-up is all it takes to get all the insurance information you need in one place. Jerry even helps you sign-up once you’ve picked a policy.