I don't have any credit at all,But my 9 y/o son is on SSI and get's a check..Can he buy a house for himself and we live in it?
2006-09-20 04:59:12 · 12 answers · asked by Mya B 1 in Business & Finance ➔ Investing
No, he is a minor and can not sign the legal papers to purchase a house without you cosigning it. But since you have no credit, then you won't qualify for financing.
Don't use your son to get what you need. Put his money away in the bank so he has it when he really needs it.
2006-09-20 05:06:55 · answer #1 · answered by thunder2sys 7 · 2⤊ 0⤋
Assuming you live in America You can get his money, as a "payee" and buy the house yourself.
There is a process involved as in any case buying a house anyway.
You need to goto a Bank and look for a loan officer and state that your Son is on SSI...
and see where you can go.
Obviously a 9 yr. old will not be able to hold a house loan, but you can... You will have to use his SSI as part ofthe way you can pay the Mortage.
Good Luck!
2006-09-20 05:05:38 · answer #2 · answered by World of Controversy 2 · 0⤊ 0⤋
Since he is a minor, he cannot enter into legally binding contracts of any kind, which would certainly be what a real estate purchase would involve. Therefore the answer is no.
However, there are some other legal options that might be available to you. But, you would need to visit a qualified attorney to give you the correct information. They will undoubtably charge a pretty penny for their advice. Good luck.
2006-09-20 05:10:52 · answer #3 · answered by ssoeteber 2 · 0⤊ 0⤋
No he can not. He is too young to sign a legally binding contract so there for he could not purchase anything that would require any type of document signing. He can't purchase a car either.
You can not enter into a legally binding contract until you reach the age of 18.
2006-09-20 05:10:18 · answer #4 · answered by nana4dakids 7 · 0⤊ 0⤋
Your son is underage to go into a contract. You might want to wait till he is over 18 years old for him to make that decision. If you have questions go to a Realtor and they can work something out with you and your credit or have a co-signer who is over age that could help you. Or check out housing sites for people with low income. I provided to sites at the buttom.
2006-09-20 05:09:52 · answer #5 · answered by ourfuturein123 2 · 0⤊ 0⤋
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2016-10-15 05:21:36 · answer #6 · answered by ? 4 · 0⤊ 0⤋
If he get's a check, and buy's a house, and live's in it, and doe's all the other thing's a homeowner doe's, he will have used far too many apostrophe's incorrectly.
2006-09-20 05:08:20 · answer #7 · answered by ? 6 · 0⤊ 0⤋
anyone under 18 cannot enter into a legally binding contract in the states.
2006-09-20 05:07:06 · answer #8 · answered by slippie 4 · 1⤊ 0⤋
No, I'm an LO so I know this for a fact.
2006-09-20 05:06:44 · answer #9 · answered by austinguy62 2 · 0⤊ 0⤋
yes
2006-09-20 05:01:19 · answer #10 · answered by Anonymous · 0⤊ 0⤋