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Can I buy a house if I'm 19 years old and never did taxes before and barely started working???

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flores21

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October 02 - Moreno Valley
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Louis Wolfson, "Louis Wolfson"

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Of course you can.  Mom, Dad or the grandparents will be happy to help.  Or the banker can see you have a huge bank account and trust fund. Seller financing is another source.  Other than that it will be very difficult to get a conventional, fha, va or any other  mortgage.
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October 05
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Maria Morton, "MariaMorton"

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Will you be paying cash, or will you be financing part of the purchase price?
If financing, where are you working? What is your annual income? Do you have a credit history? What is your education history?
There are 19 year olds who have bought homes. There are 19 year olds who have completed higher education. There are 19 year olds with lucrative jobs who can be considered a good credit risk.
There are also 19 year olds whose family has an excellent reputation, rapport with the local banker, and/or the ability and desire to co-sign a mortgage.
Talk to a realtor about your desire to own a home. If it can't be done right away, you can at least develop a plan of action so that you can buy one in the next few years.
Good luck!
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October 04
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country_hick

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I know it hurts to be told this. But you are not in the best place to buy a home now. Give yourself some time. You have plenty of it. Look up alt-a on the net. You should be familiar with sub prime mortgages. Those things that killed the housing market. Well, alt-a is the prime version. You will find up to 7 million of them defaulting over the next 3 years. That means one thing. Even lower prices.

In the meantime what should you do? Simple, save your money. I mean as much as possible. Stop buying take out food. Do not go to the movies. Cut back on everything you can. If you still have a job, ( and with unemployment numbers still rising that is not certain) in a few years you will ahve saved a good amount for a down payment. Then, and only then when you see the economy improving ( or at least not getting worse) and your job is secure you can make an offer on a house that will be both cheaper and safer ( financially) for you to buy.

If you have any debt pay it off. Improve your fico score. Pay for things as you can afford to, not as your credit limit allows. Do use your credit cards, but pay them off every month. Do not carry a balance. save 25% of your income if possible. Yes, I know that means living without a lot you would like. But after a few years of living in poverty ( when you have a decent income) you can live a lot better and not be so concerned about your money. The only debt I would recommend now is for 2 things. 1 a cheap car to get to work with, not a new $30k one. and 2. student loans to get an education to help you in the future. Beyond that all debt is bad.

Finally, think of one thing. If something happened to your job, you lost your income how would you handle a mortgage payment? At this point in time I would suggest staying put until both the economy and your financial situation get better. When you have the down payment, and a secure job you can find even better deals.
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October 04
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Lady Chattel

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Aw, come on now folks, this is America.......you can pick strawberries for a living and buy a $700K house, let the 19 yr old buy a freakin house...


Reminds me of a Queen song.......


Listen all you people, come gather round
I gotta get me a game plan, gotta shake you to the ground
Just give me what I know is mine,
People do you hear me, just give me the sign,
It ain't much I'm asking, if you want the truth
Here's to the future for the dreams of youth,
I want it all, I want it all, I want it all, and I want it now,
I want it all, I want it all, I want it all, and I want it now,
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October 02
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Roberto Ribas, "azrob"

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Yes you can! simply, pay cash for the home! best of luck!
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October 02
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Tiffany Bond, "TiffanyBond"

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You should be able to buy a house. However, you likely will not qualify for financing. Do you happen to have a trust fund or a large sum of cash laying around?
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October 02
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Ofe Polack, "Ofe Polack"

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I admire your eagerness to become a landlord.  Not knowing your background precludes me from making a statement.  You may have won a lottery and will be paying cash for the property, I do not know.
May I suggest that you contact a buyer agent, so that she/he can help you with the buying process and the necessary pre-qualifications.  I wish you very best!!! 
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October 02
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coliron

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I think that you typically need a 6 month work history and at least a 3.5% down payment.
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October 02
 

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