milovany Posted April 20, 2011 Share Posted April 20, 2011 Is there a minimum age? (I would imagine, if there was, it would be 18.) If a 17 year old had the money for a down payment, and a job that would meet the debt-to-income standards, could he legally buy a house? Thanks. Quote Link to comment Share on other sites More sharing options...
Lara in Colo Posted April 20, 2011 Share Posted April 20, 2011 It is my understanding that you cannot legally sign a mortgage contract before age 18. You can own a house (pd for) at any time. Lara Quote Link to comment Share on other sites More sharing options...
Hannah C. Posted April 20, 2011 Share Posted April 20, 2011 I think that the 17 year old would have to have a co-signer, at the very least. As far as I know, 17 year olds aren't necessarily considered old enough to sign legally binding contracts, as their parents are still legally responsible for them. Quote Link to comment Share on other sites More sharing options...
Gratia271 Posted April 20, 2011 Share Posted April 20, 2011 I believe the typical age of legal capacity is 18. This, of course, is not in relation to driving automobile or the legal drinking age. It generally applies to the capacity to enter into contracts, be held liable as an adult for negligence, criminal offenses etc... ETA: this does not apply to someone who has been legally emancipated. Quote Link to comment Share on other sites More sharing options...
OLG Posted April 20, 2011 Share Posted April 20, 2011 I believe the typical age of legal capacity is 18. This, of course, is not in relation to driving automobile or the legal drinking age. It generally applies to the capacity to enter into contracts, be held liable as an adult for negligence, criminal offenses etc... Yes, and it varies by state too. Often, the same age applies to having an independent checking account. Some states have 19 as the legal age. Quote Link to comment Share on other sites More sharing options...
fairfarmhand Posted April 20, 2011 Share Posted April 20, 2011 Is there a minimum age? (I would imagine, if there was, it would be 18.) If a 17 year old had the money for a down payment, and a job that would meet the debt-to-income standards, could he legally buy a house? Thanks. IDK about legality, but even with a down payment, I'd bet it would be difficult or impossible to find a bank that would lend to him. Getting a loan is very tricky nowadays. Quote Link to comment Share on other sites More sharing options...
mrsrevmeg Posted April 20, 2011 Share Posted April 20, 2011 The bank I used to work for would not consider anyone under 19 for a home loan, and even then they would have to have a co-signer, and have several thousand dollars worth of good credit under their belt. Quote Link to comment Share on other sites More sharing options...
Murphy101 Posted April 20, 2011 Share Posted April 20, 2011 18 in most states, presuming they otherwise qualify. Quote Link to comment Share on other sites More sharing options...
LifeLovePassion Posted April 20, 2011 Share Posted April 20, 2011 18 in MN Quote Link to comment Share on other sites More sharing options...
milovany Posted April 20, 2011 Author Share Posted April 20, 2011 Thank you! In thinking through a possibility, I had forgotten about the established credit issue (in addition to the age issue). Much appreciated! Quote Link to comment Share on other sites More sharing options...
foxbridgeacademy Posted April 20, 2011 Share Posted April 20, 2011 The bank I used to work for would not consider anyone under 19 for a home loan, and even then they would have to have a co-signer, and have several thousand dollars worth of good credit under their belt. :iagree: I used to work for a broker, processing loans and I can't think of even one bank that would approve a home loan for an 18 year old. The problem isn't the down payment or even DTI, it's credit history. He/she needs to create a good credit history with a good score. Most premium loans would need 3 or more years with at least 3 open accounts, credit cards, car loans, ect... You could possibly get an Alt-A or maybe subprime with only 1-2 years history, but you're looking at a larger interest rate. I was processing loans back before the housing "crisis" so all of my info is out of date and probably more optimistic then current market trends. My suggestion would to look into a CCard with a low limit that can easily be paid off(make sure you use it), maybe a car loan/personal loan from a bank. If you get all of your credit from the same bank, and build a "relationship" with them they are more likely to bend the rules a bit. My sister and her Husband had very little credit history, but they got a Ccard with their bank, and 1 year later the bank approved their home loan. All of that said, it could be worth trying to get the loan anyway, you never know. Quote Link to comment Share on other sites More sharing options...
Hannah C. Posted April 21, 2011 Share Posted April 21, 2011 I had a credit history at 18 because my parents made me an authorized user on one of their cards and it showed up on my credit history. I don't know if it still works like this or if it varies somehow, but it could be worth looking into for your dc regardless of anything else. My dh's parents were rather anti-credit card and he had a horrible time just getting a *credit card* because he didn't have any credit! He finally got a store card with me - he couldn't get the card on his own (we tried that first). Quote Link to comment Share on other sites More sharing options...
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