You might already wonder how old you have to be to buy a house but the real question is, how do you figure out exactly how old you need to be in order for it to make sense? That’s right, it can depend on a few key factors, like if you’re buying your own home or trying to purchase as a first-time buyer. While your age makes up one of these key factors, there are others that may play into the decision as well.
How Old Do You Have to Be to Buy a House?
The short answer to this question is that you have to be 21 years or older in order to purchase a house. That’s right, you won’t be able to get financing from any bank or mortgage company unless you are 21 years of age. The 21-year age requirement comes from the Federal Housing Administration, which is a part of the U.S. Department of Housing and Urban Development (HUD). Any loan that is insured by the FHA has this age limitation, so it doesn’t really matter if you want to get a Veterans Affairs loan or go through some other agency for your financing – all financed loans come with this restriction on them.
You need to add these four measures and evaluate them for yourself:
You can buy a home as soon as you’re 18 years old, but you’re not allowed to be working for anyone for more than 30 hours per week or have more than 12 months’ worth of credit history.
You can buy a home when you’re 19 years old provided that you have at least 6 months of full-time employment under your belt and two months with no errors.
You can start looking at homes when you turn 20 years old, but if you get accepted into college, it would be best not to wait any longer than the last day of class in the fall – that way, if the house isn’t available then, it won’t really matter.
Apartment for rental:
You can get apartments for rent in San Jose for yourself once you turn 21 years old and have worked full-time for more than a year. You will also need at least 3 months’ worth of full-time credit history without any blemishes. If you’re planning on buying a condo, times are different – it all depends on the individual condo association, with some as strict as young adults only being able to buy condos once they’re 25 years old.