How Old Do You Have to Be to Buy a House?
If you’re young and don’t want to rent, you’ve likely wondered, “How old do you have to be to buy a house?” The answer is pretty straightforward: In most states, you can buy real estate at age 18.
The age you legally become an adult, known as the age of majority, is 18 in all but a handful of states. When you reach that birthday, you’re no longer a minor and can legally sign a home purchase or mortgage contract.
But it’s not just your age that determines if you’re ready to buy a house. You should also consider your finances and ability to tackle the less-than-glamorous responsibilities of homeownership, like keeping the grass cut or replacing a leaky roof.
- You can buy a house at age 18 in most states, but there are a few states where you have to be 19 or even 21.
- A variety of U.S. government-backed loans and programs can help you get into your first home, even if you don’t have perfect credit or a huge down payment. There are special programs for first responders, veterans, rural homeowners and other types of buyers.
- In addition to your age, consider your credit history, debt, income and savings. These factors will help you determine whether you’re likely to qualify for a mortgage and if you can afford the ongoing costs of owning a home.
Popular mortgage loans for young homeowners
Sure, the average first-time homebuyer is in their late 30s, but there’s no reason you have to wait that long. Once you’re legally an adult — which is 18 years old in most states — you can purchase a home.
There are many good home financing options available, regardless of your age. Popular loan options for young and first-time homebuyers include:
There are a few states where the age of legal adulthood is higher than 18:
- In Alabama, the age of majority is 19.
- In Nebraska, the age of majority is 19.
-
In Mississippi, the age of majority is 21.
If you’re looking for a U.S. state where the age of majority is lower than 18, you won’t find one. However, you should also know that it’s legal for a minor to own real estate; they just aren’t allowed to buy or sell a home. But an adult can purchase a home and put the minor’s name on the house title.
Mortgages that aren’t part of a government program are called conventional loans. Typically, conventional loans are harder to qualify for than government-backed mortgages, but they may have lower closing costs and fees.
Conventional loan requirements
- Minimum credit score: 620
- Minimum down payment: 3%
- Mortgage insurance: from 0.2% to 2% or more (if putting less than 20% down)
FHA loans are mortgages backed by the Federal Housing Administration (FHA). These are popular with young homebuyers because they come with low down payment requirements and lenient credit qualifications. Borrowers don’t have income limits; however, loan amounts are subject to FHA loan limits for the area where the home is located.
See current FHA mortgage rates today.
FHA loan requirements
- Minimum credit score: 580 with a 3.5% down payment; 500 with a 10% down payment
- Minimum down payment: 3.5% with a 580+ credit score; 10% with a 500–579 credit score
- Mortgage insurance: 1.75% upfront premium; 0.15% to 0.75% annual premium
Active-duty service members, veterans and eligible surviving spouses can get a home loan backed by the U.S. Department of Veterans Affairs (VA) with no down payment. VA loans also have flexible credit requirements for homebuyers.
See current VA mortgage rates today.
VA loan requirements
- Minimum credit score: No program minimum, but most lenders require at least 620
- Minimum down payment: No program minimum
- Funding fee: 0.5% to 3.3%
- Mortgage insurance: None
Borrowers purchasing in designated rural areas can access mortgages backed by the U.S. Department of Agriculture (USDA). Aimed at low- and moderate-income borrowers, USDA loans have no down payment requirement but are subject to income limits and location restrictions.
USDA loan requirements
- Minimum credit score: No program minimum, though most lenders require a score of at least 640 or may require the borrower to write a letter to explain a lower score
- Minimum down payment: No program minimum
- Mortgage insurance: 1% upfront guarantee fee; 0.35% annual guarantee fee (no fee in the USDA Direct Loan program)
New buyers may also access a variety of first-time homebuyer programs. These programs exist to help alleviate the challenges of purchasing a first home, and they have varying qualification requirements. For example, borrowers may need to buy a property from a specific listing or use a particular mortgage loan type.
Who qualifies as a first-time homebuyer?
A first-time homebuyer is anyone who has not owned their main residence for the past three years. A divorced homebuyer who only owned a home with their ex-spouse during that timeframe would also qualify as a first-time homebuyer. The requirements may vary by program, so it’s best to check the specifics of any first-time homebuyer program you’re considering.
Fannie Mae HomeReady
HomeReady is a conventional loan program for low- and moderate-income homebuyers. These loans feature low down payment minimums and reduced mortgage insurance premiums.
Don’t know your credit score? Get your free score on LendingTree Spring today.
HomeReady requirements
- Minimum credit score: 620
- Minimum down payment: 3%
- Borrower’s income: Limited to 80% of the area median income (AMI)
Another conventional loan option for lower-income homebuyers is the Home Possible program. These loans also have low down payment requirements and discounted private mortgage insurance (PMI). Home Possible loans also are available to borrowers without credit scores who can make a higher down payment.
Home Possible requirements
- Minimum credit score: 660
- Minimum down payment: 3%
- Borrower’s income: Limited to 80% of the area median income (AMI)
The U.S. Department of Housing and Urban Development (HUD) offers discounts for buyers who are working in specific public service professions and looking to purchase a HUD home. Borrowers receive a 50% discount on the property; in addition, if they finance the home with an FHA loan, the minimum down payment is only $100.
Good Neighbor Next Door requirements
- Eligibility: Available to law enforcement officers, pre-K through 12th-grade teachers, firefighters and emergency medical technicians
- Home type: Must buy from the HUD Homes database
- Residency: Must live in the home for at least three years
In addition to national loan programs, many state and local governments and community organizations offer first-time homebuyer initiatives. Program features vary, but they often include affordable loans, down payment assistance or tax incentives. Borrowers can view state and local programs via the HUD website.
Click on your state in the map below to jump straight to the HUD page about programs in your state.
Am I ready to buy a house?
If you’ve reached the age of majority in your state, you can legally buy a home — but that alone doesn’t prepare you for homeownership. Readiness to buy a house has less to do with age and more to do with your capacity to make mortgage payments and care for a property.
Ask yourself these questions to help you determine if you’re ready to purchase a home.
-
Do I have a steady income?
If you have a good income, you’re on the right track. Still, lenders will also consider your employment history, and having at least two years of steady employment may improve your odds of getting a mortgage. -
How much debt do I have?
Lenders look at your debt-to-income (DTI) ratio, which is your monthly debt payments (including the mortgage) divided by your monthly pretax income. A DTI ratio of 35% or less is considered “good,” but some mortgage types allow up to 50%. This is good news for young buyers who may have more debt due to student loans. -
What’s my credit score?
Your score determines which loans you may qualify for and the interest rate you receive. Having strong credit can help you qualify for better loan terms, such as a lower minimum down payment, minimal PMI costs or a competitive interest rate that reduces your monthly payments. -
How much can I put down?
Having funds for a down payment also factors into your readiness to buy a home. Being able to put down more than the minimum may help you avoid PMI, offset a lower credit score or reduce risk-based fees on conventional loans, potentially lowering your interest rate or closing costs. -
How much extra do I have in the bank?
Savings beyond the down payment and closing costs also signal homebuying readiness. For some loan programs, you need enough cash reserves (typically three to 12 months’ worth of mortgage payments, if required) to show you can handle your monthly payment plus any emergencies that arise. Savings can also offset a lower credit score, a high DTI ratio or a small down payment.
You still need to be a legal adult in your state to buy a house, even with a co-signer on the mortgage. But there are several reasons a young buyer may want to get a parent or other close relation to co-sign on their home loan.
Advantages of a co-signer: If you have little to no credit history, a low credit score, a high DTI (due to student loans, for example) or you haven’t had a steady job for long enough to qualify for a mortgage, buying a house with a co-signer may increase your chances of getting approved or help you get a lower interest rate.
Disadvantages of a co-signer: A mortgage co-signer takes on significant financial risk since they’re responsible for payments if the primary borrower doesn’t pay. This can severely damage their credit and finances, which makes it a big risk to take for someone who typically gains no ownership rights to the property.
Pros and cons of buying a house young
Pros
- Builds home equity: With each mortgage payment, you’ll build home equity. This increases your overall wealth and provides equity you can leverage if needed.
- Provides stability: Owning a home protects you against potential rent increases and unexpected moves, while also providing security.
- Can improve your credit history: A mortgage adds to your mix of credit types, a factor in calculating your credit score.
- Potential tax benefits: Mortgage interest is tax-deductible, which can help lower your tax bill.
- Provides independence: You can tailor your home to your preferences with no limitations, other than possibly local laws and homeowners association (HOA) rules.
Cons
- Repair and maintenance responsibilities: You’ll have to handle the responsibility and costs of routine home maintenance and unexpected repairs.
- Less flexibility: You’ll be locked into one location without the flexibility to move easily.
- Potentially higher interest rates and fees: If you don’t have the savings or established credit history to qualify for a cost-effective mortgage, you may have a loan with high fees or interest rates.
- Reduced cash flow: Committing to a mortgage can limit your cash flow and ability to save money while young.
Compare competitive mortgage rates from top lenders today.
Is there a maximum age limit for buying a house?
Young homebuyers aren’t the only ones asking how old you have to be to buy a house. Older people also often wonder if there’s a maximum age for purchasing a house. The good news is that, as long as you’re above the age of majority and you can meet the financial requirements of a home, you can take out a mortgage.
Plus, older homebuyers have access to age-specific loan products such as reverse mortgages, which are only available to individuals age 62 and over.
While financing a home later in life is possible, older homeowners should still consider the benefits and drawbacks:
- Benefits: Buying a home can give you stability and an income-generating asset, either through rental income or a reverse mortgage. It can also give you something meaningful to pass on to your heirs.
- Drawbacks: Managing a property could become burdensome as you age, and qualifying for a mortgage can be challenging if your income is limited. In addition, taking on a home loan can eat up assets, as a deceased homeowner’s estate or heirs will need to either sell the house or pay off the loan to satisfy the mortgage.
View mortgage loan offers from up to 5 lenders in minutes
Young adults are getting married later than previous generations. In 1980, the median age for…
Read more
Less Than 5% of People With Mortgages Are Under 30 in Nation’s Biggest Metros Updated February 18, 2025 Only 3.1% of adults younger than 30 have a mortgage in the 50 largest U.S….Read more
Most Popular Metros for Gen Z Homebuyers Updated May 12, 2025 Grand Rapids, Mich. (31.45%), has the largest share of mortgage requests from Gen Zers. Salt…Read more