It’s not unusual for people in their 20s and 30s to work with mortgage brokers and become first-time homeowners. According to the National Association of Realtors, the age of the average homebuyer is 35. With so many people purchasing their first homes in early adulthood, you may wonder, “How old do you have to be to buy a house?”
Continue reading our guide to uncover the answer and learn more about mortgage eligibility requirements.
What’s the Minimum Age Requirement for Homeownership?
Are you ready to buy a home? If so, you may be wondering, “How old do you have to be to buy a house?” In most states, homebuyers must meet the age of majority, which is 18 years old. At this age, people can legally sign documents, which is a requirement to own a house.
The age of majority isn’t the same everywhere. For instance, the age of majority in Mississippi used to be 21 before being dropped to 18 in July 2023. In Nebraska and Alaska, the age of majority is 19.
Those under the minimum age requirement would need an adult over the age of majority to co-sign the legal documents. The co-signer must meet the home loan criteria because they’ll be responsible for paying the mortgage if the underage owner doesn’t make their monthly payments.
Key Considerations To Make Before Buying a House at a Young Age
Although you can buy a house as young as 18, some of the elements that contribute to home loan eligibility typically come with age. For instance, most home loan lenders evaluate the credit history of potential borrowers to understand their financial health. Lenders will review the clients’ credit score, debt-to-income ratio, and open tradelines that have been active for at least 12 months.
Money is another factor to consider before purchasing your first home. Lenders expect borrowers to be financially stable and fully capable of managing the mortgage documentation and payment processes.
Young homebuyers benefit from having sufficient funds to cover the house’s down payment, closing costs, and a year’s worth of liquidity to meet 12 months of monthly mortgage payments, HOA fees, and real estate taxes. Obtaining the funds for these expenses may take some time.
Another consideration to make is whether you want to spend years living in a specific area. If you’re ready to lay roots, homeownership may be ideal. If you need the flexibility to move at a moment’s notice, an apartment rental may be a better option.
Start Your Journey to Homeownership Today
You don’t have to be a retired person or nearing retirement to purchase a home. How old do you have to be to buy a house? In many places, the minimum age is 18.
If you’re ready to embrace homeownership responsibilities and buy your first property, contact Champions Mortgage Team. As a respected home loan lender in Texas, we offer affordable rates and personalized services. Contact the Champions Mortgage Team at (281) 727-2500 today to schedule a consultation.
Frequently Asked Questions
For more information about mortgage eligibility criteria, consult our responses to common borrower questions.
Can Mortgage Lenders Discriminate Against a Borrower’s Age?
Mortgage lenders cannot discriminate against their clients based on age. However, lenders may use age as a risk factor regarding financial readiness.
How Old Do You Have To Be To Buy a House in Texas?
The youngest age at which you can legally buy a house in Texas is 18. A minor can own real estate if they’re the beneficiary of a will or trust.
Can I Obtain a Home Loan If I’m 18 or 19?
You can get a home loan as long as you meet your state’s legal contract age, which is typically 18.
