Can an 18 year old buy a house?

Question

With a baby on the way?

Answer 1

An 18 year old can buy a house. but because you may not have as much credit as you need, you'll probably need someone who can help you with a home loan. someone preferably with a very decent credit history. On top of that, you'll need to looki into how much houses are in the area, and how much you're willing to "go in the hole for."

If let's say you get someone to sign for a loan with you, and you can't make the payments, not only is your credit effected, bt the person that signed with you will also be affected. I would try to get some sort of a fixed rate loan. And put down as much money as I could on the down payment. (sometimes a lending company requires this)

Also get as much information on how home loans work. even if you go to the local library and check out a book on the issue... that would really be benificial to you.
(home loans for dummies, buying a home for dummies)
Or even talking to a few banks on what they require would be some very good research to do.

But before you just jump into buying a house, maybe you should rent a house, or even live in an apartment for a while, during which time you should build up as much savings as possible, and improve your credit standing as much as possible...

And if you don't have any credit, you'd definatly have to have a co-signer for a loan. In which I'd put off buying a home, and just renting until you could get more money, and give you time to build your credit.

but as for the question, yes you could buy a house under the right circumstances, and having a baby shoudn't change that equasion any (other than having certain financial obligations). But it wont effect the way the bank looks at it...

Answer 2

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RE:
Can an 18 year old buy a house?
With a baby on the way?

Answer 3

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Answer 4

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RE :Can an 18 year old buy a house?
With a baby on the way?
Follow 10 answers

Answer 5

The credit application will state whether or not you will. If you have a co-signer with good credit for your mortgage/loan, then you may get one. And having a baby on the way doesn't fall into the equation.

Good luck.

Answer 6

A baby on the way should have no bearing on their qualifications for purchasing a home. As long as they are qualified financially and have a steady job the bank would give them consideration provided the credit can be backed up in some way.

Answer 7

As long as your credit rating is good. If you don't have a credit rating built up, you may still get a loan but your interest rate may be higher.

Answer 8

Like they said, unless she has inheritance and can pay cash she will not be able to as she does not have a credit history yet, besides waitressing is not a permanent job or pays good enough to pay for this

Answer 9

Legally you can buy a house. What is stopping you if you have the money.

Answer 10

Yes, you can purchase a home. The questions are whether or not the lender will require a co-signature and if the utilities will do the same.