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Can an 18-year-old buy a house?
I am eighteen and live in Kentucky. I work full-time and make good money, especially for my age. I decided that I’d like to buy a house. Is this even possible? Can an 18-year-old buy a house?
Nick Kunze · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
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.View full answer
- Gregory R.
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