Just turned 18 and am looking into getting on the property ladder asap.
Are banks likely to turn me down for a mortgage.
You need 2 years of income tax returns, so you will have to wait until you are 20 or pay cash.
Can a 18 year old get a house on a mortgage?
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Probably…you have no credit history, in today’s market you will be hard pressed to get a mortgage.
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You need 2 years of income tax returns, so you will have to wait until you are 20 or pay cash.
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i think it depends on your credit score
but you could get a co signer(someone with a good credit score) to help you
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me
I would say yes unless you have a cosigner with impeccable credit. Your credit history, even if excellent, probably wouldn’t be long enough for most lenders. The bigger a down payment you have the better, though.
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Technically yes, in actuality no.
You’ll need at least 2 years of solid credit history, 20% down and closing costs.
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You are VERY likely to be turned down. You are only 18 so you have zero credit. Better than having bad credit, but you have to have some kind of credit to get a loan – a score of at least 620.
You also need two years of verifiable employment. If you’ve been working since you were 16, you could prove this via pay stubs and income tax returns. If you haven’t been working for two years, you won’t get a loan.
You are also young enough that you probably do not have any type of down payment. FHA requires as little as 3.5% down, but unless you buy a dirt-cheap house that can be a stretch even for older homebuyers.
Your best bet, if you really want to buy a home, is contact a lender and simply ask. They will tell you if you even have a chance of getting a loan, and what to do if you don’t. Doesn’t cost anything to consult with them.
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Here are the questions to answer:
1) Do you have two years of full-time employment at your current employer?
2) Do you have at least two years of clean, established credit?
3) Is your credit score 620 or above?
4) Do you have the at least 3.5% down payment plus closing costs and two months worth of mortgage payments in the bank?
That is pretty much the minimum to get a house/mortgage (of course, you can pay cash if you have it).
Once you have those ducks lined up, make an appointment with a mortgage officer at a bank or a mortgage broker and ask about getting pre-approved.
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At 18, you will not have the credit, the income, of the job history to qualify for a mortgage. Your chances of getting shot down are about 99.99%…..unless you have something like a 50% down payment.
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Yes, they are likely to turn you down. Lenders will look for a good credit history, employment history, adequate income and cash for the down payment. Do you have all those?
I don’t know what your concept of "the property ladder" is, but you’re unlikely to get rich quick in real estate for the foreseeable future.
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Depends on your credit history, credit score, down payment amount, employment status and history and salary. Not just anyone can walk in and get a mortgage. If you’re a trust fund baby, well that’s a different story.
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