20 year old homeowners?

[clueless]

I'm not in a position to buy a house yet, but am planning on doing that soon. I was just wondering what the youngest age is that a lender will give a home loan to? I'm 19 at the moment.

[Gen3]

The minimum age to borrow is 18 I believe. But I have never heard of an anyone as young as 18 or 20 being granted a home loan. I do know a 21 yr old home buyer, but he needed a 20% deposit - thanks to mom & dad

[banarus22]

Originally Posted by munkigg

Hi Clueless,
My fiance and I bought our first home in July and we are both 19. There were two of us, but most of the approval came from using my information. We are both in school full time and work part time. I had no idea we could get a house (and a nice two story house...at that) with such little income. I had a savings (that was supposed to be for the wedding) which helped, I'm sure. But it is possible. Just a little warning though, don't get wrangled into an ARM. We got a fixed rate at two percent lower than the average because of some first time buyer's programs in our state. Check out all your options. I'd advise you to do your homework before hand, because when I went to the bank, they didn't offer any suggestions until I brought them up. Goodluck!

Really good idea you both have really i appreciate you because in young age itself you are planing for all the things and hands up to you both even you are doing job. GREAT

[spencer24]

This might depend on where you live and/or plan to buy a home. Also why are you so in a hurry to buy a home right now? There are huge real estate bubbles in most parts of the world and prices will likely come down significantly.