Home Buying in Martinsville>Question Details

Justlikeyou, Other/Just Looking in Martinsville, VA

How young can you be to own your own home? Example: 22 years of age. Are there any restrictions? How would I go about owning my own home?

Asked by Justlikeyou, Martinsville, VA Mon Jan 10, 2011

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...oh, and to counter what Sara is saying, last year I sold 3 homes to people who were between 21 and 25.
1 vote Thank Flag Link Mon Jan 10, 2011
You simply have to of legal age. You're good to go!
Web Reference: http://www.jimmccowan.com
1 vote Thank Flag Link Mon Jan 10, 2011
Hi Justlikeyou,
I owned my first home at 21..so my advice is Go for it! You need a downpayment, good credit, and reliable and steady income in order to qualify for a loan. It's an excellent move, regardless of the current Real Estate Market.
The first thing to do is to speak with you bank to get a loan Prequalification done. Then you can interview Realtors. Some Realtors love working with buyers, so try to find one that specializes in first time buyers. They will help you every step of the way to homeownership.
Best!
0 votes Thank Flag Link Mon Jan 10, 2011
Sorry Vicky, I certainly didn't mean ALL agents would be against them buying a home! Just the unfortunate experience of my buyers when they were calling a few random Realtors.
0 votes Thank Flag Link Mon Jan 10, 2011
Jim is dead on, you must be of legal age.. so you are "good to go". Jessica is also correct... turning 18 is easy, qualifying for a loan... not quite as easy. So, Jim and Melissa are correct... start by talking to a lender to understand your options. If you have a strong established income and credit history, you should be in good shape... and if you have a down payment - EVEN BETTER! : D Good luck. And, let me congratulate you. Buying as early as you can in life is the key to long term wealth. Once you buy, don't do cash out refis. That should keep you out of trouble.
0 votes Thank Flag Link Mon Jan 10, 2011
I had a client who experienced issues with this - there is no minimum beyond legal age, but there was a lot of stigma attached to their age. They had great credit scores and a lot of money to put down, so they were perfect candidates for a new loan. However, a lot of lenders/agents laughed them off because they were so young. Don't be discouraged! If you have a steady income and have a good credit score, look for an agent and lender that can respect that. I would be happy to recommend someone as a lender if you'd like.
0 votes Thank Flag Link Mon Jan 10, 2011
My husband was 23 when he purchased his home. What is more important than age is your ability to qualify for a loan. You have to have a good credit score( 620+ ) and history, funds for a down payment, and work history. Because my husband went to college he only had less than a year of work history at his current place of employment. No way could he get a loan on his own even with money saved and a good credit score. His parents co-signed on the loan to help him qualify.

I write a blog for first time homebuyers, link below. It can answer a lot of your questions. Also have a facebook page where you can post a question and I would be happy to help. http://www.facebook.com/#!/pages/Home-Buying-Tips-Discussion…
0 votes Thank Flag Link Mon Jan 10, 2011
There are no age restrictions (being of legal age) on owning or purchasing a home. You need to make sure you are qualified and have talked with a lender to get an idea of how much you can afford
0 votes Thank Flag Link Mon Jan 10, 2011
There are no restrictions on age in buying a home. If you would like, I can set you up with a top producing agent in Martinsville and they can further assist you. Here is my email michaelrpadgett@yahoo.com just send me an email with you contact info and you can be on your way to buying your first house.
0 votes Thank Flag Link Mon Jan 10, 2011
First thing you should do is talk to a lender.
0 votes Thank Flag Link Mon Jan 10, 2011
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