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Buying A House at 21

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Regular Contributor

Buying A House at 21

Ever since I moved out on my own at 18, I've had the mentality save save, at 19 I set the goal to save $50k to put $40k down on a house at 23. Now I'm 21 and I'm really sick of renting, it's holding me back a lot and I have the mentality to be financially responsible. I've save $20k at this point and could reason with putting down $10k on a $150k-200k house... I made $50k for the year 2019 and will make $60k for 2020. My credit history despite being 3 years old is perfect, I don't have any debt besides 12 months left on a vehicle lease. I'm looking for any insight or advice anyone would offer to someone in my situation, I want more insight, is it feasible? All the articles I read about buying in their early 20s are typical outdated and/or fairytale like stories. I'd be willing to get a roommate too... I want to see if pursuing it is a waste of time or if I'm set up to start seriously looking for places. Thanks!!

Discover IT $9,500 - Sept 2016
Amex BCE $31,500 - July 2017
Paypal 2% CB $10,000 - May 2019

Message 1 of 8
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Established Contributor

Re: Buying A House at 21

My son is also 21 and thinking about buying. He has great credit, lots of savings, literally zero debt, and a six figure job. Why not go for it? It’s a great investment!
FICO8: Low 700s. FICO9: Mid 700s. Goal: 800 club
Message 2 of 8
New Contributor

Re: Buying A House at 21

Definitely feasible! I'm 19 and own a 260K house I bought earlier this year which I "house hack" with other college students. You may need a co-signer if you DTI ratio is too high, but otherwise I see no reason why you wouldn't qualify for a loan on a 200K house.

Message 3 of 8
New Contributor

Re: Buying A House at 21

There's no reason for you not to contact an agent as they cost nothing to you as a buyer. I'd recommend asking the agent to provide you with the infomation on a couple lenders as well, as they could provide you with a quick and definite anwser on how much house you could qualify for.

Message 4 of 8
Regular Contributor

Re: Buying A House at 21

What should I be asking an agent?

Discover IT $9,500 - Sept 2016
Amex BCE $31,500 - July 2017
Paypal 2% CB $10,000 - May 2019

Message 5 of 8
Frequent Contributor

Re: Buying A House at 21

Your age has no bearing on your approval at all. It comes simply comes down to credit and debt ratio.
Message 6 of 8
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New Contributor

Re: Buying A House at 21


@800who wrote:

What should I be asking an agent?


Any questions you have regaring the home buying process, current inventory, etc. I'd start by having them refer you to a lender.

Message 7 of 8
Valued Contributor

Re: Buying A House at 21

Ditto ⬆️
Message 8 of 8
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