Homeownership is more practical for young people than you might think.
Hey college students, did you know you can own a home at a younger age than you might think? In most states, you can become a homeowner at age 18, with only three states having a minimum age requirement of 19 or 21. Instead of paying rent for an apartment or living in a dorm throughout your college years, you can build equity in your own home.
To qualify for a home purchase, regardless of your age, you need good credit, including three tradelines and credit scores. Paying on time is crucial for building good credit. Additionally, having some income or a cosigner, such as your parents, can help you secure a loan. You’ll also need some money for a down payment and closing costs, which can come from gift funds.
If you’re interested in learning more about home finance and real estate, keep an eye out for tips on this page. Don’t hesitate to call or email me in the meantime. I look forward to hearing from you!