Profile picture for user193474

I am 20 years old and am looking to buy a house is this possible?

  • November 16 2012 - Southeast Colorado Springs
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Answers (12)

Profile picture for davidhawke
Becca72 has a few good points, in the fact that a house will tie you down a bit.  However, she is missing the bigger picture.  Owning real estate at a young age can put you ahead in life.  Lots of people have built a VERY comfortable nest egg by investing in homes, fixing them up as they live there, and selling them for a BIG profit a few years later.

I have been a home owner for about  12 years now (at age 42), and frankly I wish I had bought my first place 10 years sooner than I did.  In the last 12 years, I have owned 4 homes... and I made $20k+ on each one I sold (even in a declining housing market).  I bought them slightly stripped down and rough, but fixed them up nicely as I lived there.  Each time I sold one, I took a FAT equity check from the closing table.  Then I used the money to put down on an even nicer home, the next time.  In 12 years time, I have gone from living in a starter townhome, to an executive home on a golf course with mountain views.  All made possible, from the equity gained each time I sold one. 

Bottom line, if you are the responsible type and you feel comfortable that you can handle the house payment... go for it.  Renting is like using $100 bills as toilet paper every month.
  • June 03 2013
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Yes!  Hurry and go for it!
I was 20 years old when I purchased my first condo back in the 80s', when interest rates were 13.5%.  At the time I was working and going to school full time. I was fortunate to have a great real estate agent to guide me and my parents assistance by co-signing for the loan. I had saved for the low down payment and found roommates to help pay for the mortgage.

I strongly recommend you interview a few mortgage brokers to assist you through the process. You may also need a co-signer.   Early planning is the key! 
  • May 29 2013
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Absolutely, i bought my first home at 23 , First thing you want to find out can you afford it? If you have money for down payment and good credit You need to see good mortgage broker, He will guide you   through the mortgage application. Remember you have big responsibility to maintain the house, He tell you how much income you need to cover your Payments Taxes and Insurance , If you still want to buy one Like I  told my recently mired daughter who just bought a condo in Florida. GO FOR IT.  
  • May 29 2013
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Profile picture for Becca72
Um, not an agent or a lender -so I'll pretend I'm your Mom.  Are you planning on going anywhere soon?  College?  Travelling?  Do you have a girlfreind or want to be married soon? What is your job? Is that likely to change?
I suppose you could rent your place if you needed to move but I'm a little wary of all these positive answers you are getting...If your life situation is likely to change in a couple years which is quite likely when you are 20, I would think save up for a down payment for a couple years and buy then.  You will lose money on a house purchase if you have to sell OR you may miss out on opportunities because you tied yourself to a house too soon.
  • May 29 2013
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Yes, this is possible!  My advice would be to first contact a lender so you can pre-qualify for a certain loan amount.  That way, you'll know your price range prior to going out and looking at houses.  I've met folks who rush out and fall in love with a house only to find out that they can't quite qualify for the loan needed to purchase it!

The pre-qualification process takes about 30 min and can be done over the phone or in person.  The lender will need to ask you questions about your employment, income, and also run a credit report to see what kind of loans you can qualify for.
  • May 28 2013
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Yes you can buy a home and there are down payment assistance programs making buying easier on the wallet.  Give me a call!  This is exciting!
  • May 22 2013
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If Justin Beiber can, so can you! Haha... 
Ok, on a serious note... give a call to your bank and let them know that you'd like to try to qualify for a mortgage. They'll ask how long you've been at your job, how much you make, (and be sure to be honest and as accurate as possible because they'll want proof later on down the line) and they will ask for your social security number to see if you have good credit. If you have enough credit, a solid job history, pay your bills on time, and a sufficient amount of money (at least 3.5% of the price of the house, plus attorney, inspection & appraisal fees) saved, you should receive an approval from the bank which will give you the max amount that you can finance. You speak to a real estate agent and discuss what you would like in a home, and answer their questions to get started. He or she will explain the process. Best of luck to you. :)
  • May 21 2013
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Of course you can. You will just need to meet with a lender to find out what loans you qualify for and what is required. Interest rates are great right now and the market is really starting to boom, so it's a great time to buy! Good luck to you.
  • May 20 2013
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Profile picture for Brad Secundy
Kudos to you..Real estate has proven years over years to be on the best investments you can make..Good idea..
  • May 20 2013
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If you qualify for the mortgage or have the cash to buy it, you can buy a home all day long!   Good luck!!! 
  • November 16 2012
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Don't let your age discourage you by any means.  So long as you meet a lender's loan criteria there is no reason why you cannot buy.

I purchased my first piece of investment property at the age of 22, so you're far ahead of the game if you are able to succeed.

Best wishes from So-Cal and good luck
  • November 16 2012
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Profile picture for Sharon Lewis
Yes, of course its possible and good for you for thinking ahead like this. These interest rates are so good. We are seeing our markets getting better too. There is some criteria you need, like a good credit score, two years of work history. My suggestion, call a local realtor, and also speak to a lender.Your local realtor can suggest a few people if you don't know anyone.
Best of luck to you!
  • November 16 2012
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