Author: Katrina Porter & Trey Westerfeld
Verify my mortgage eligibility (Feb 15th, 2026)
Date: 01.28.22
Read Time: 5 Minutes | Blogs
Location: Virginia Beach, VA
Verify my mortgage eligibility (Feb 15th, 2026)
It is legal to acquire a home in the United States without a co-signer at the age of majority, which is usually 18 years old. Individuals can now sign legal contracts and complete real estate transactions at the age of majority. Individuals can still buy a house with the help of a co-signer prior to attaining the age of majority.
Signs You Are Ready To Buy A House
The age at which you may lawfully purchase a house is ultimately less significant than the other signals that you’re prepared to buy. Here are a few things you should have in order to show that you’re ready to buy a home:
Verify my mortgage eligibility (Feb 15th, 2026)
A solid debt-to-income ratio (DTI). Your DTI is an important calculation mortgage lenders use to measure your loan eligibility. If you have student loans or credit card debts that outweigh your earnings, you may not be able to secure a mortgage.
Income stability. A stable income is necessary to make monthly payments and pay for costs like homeowners insurance, property taxes, and maintenance.
Geographical stability. It's best to buy a home when you know you'll be in the area for at least a few years.
Verify my mortgage eligibility (Feb 15th, 2026)
Down payment savings. Conventional loans require a minimum of a 3% down payment and FHA loans require a minimum of 3.5%. To avoid paying private mortgage insurance (PMI), borrowers need a down payment of 20%.
Access to extra funds. Besides saving for a down payment, you'll also need enough cash to cover the closing costs and other home purchase fees.
A high enough credit score. To qualify for a mortgage and an affordable interest rate, you need a good credit history showcasing how well you repay.
Verify my mortgage eligibility (Feb 15th, 2026)
Verify my mortgage eligibility (Feb 15th, 2026)
At What Age Should You Buy A House?
In 2018, the median age of a first-time homebuyer was 34, according to the National Association of REALTORS® Buyer and Seller Survey. According To data from the US Census Bureau, 23.8% of individuals under the age of 25 owned homes as of the fourth quarter of 2020. Between ages 30 and 34, 49.
As people get older, their chances of owning a home rise. Whether or not you own a house should not be the deciding factor in whether you purchase one for yourself. You need to consider what it means if you’re able to buy a house when you’re young. It might make other things more difficult, such as traveling.
Verify my mortgage eligibility (Feb 15th, 2026)
Rent, on the other side, might be more expensive than mortgages. Owning a home as soon as possible can be a significant advantage. If you break the mold, you may find yourself in an excellent position to start your house, which could be a fantastic investment for you.
The Bottom Line
You shouldn’t begin the house-buying procedure until you’re ready, regardless of your age. You should only determine whether you’re prepared to start the home buying process based on your specific financial condition and present housing market conditions. While the minimum legal age is 18, other elements play a role in determining whether someone is ready. Your finances must be.
Want some personal guidance? Speak with a Home Loan Expert today.
Verify my mortgage eligibility (Feb 15th, 2026)
Related Topics
About CMS Mortgage
Verify my mortgage eligibility (Feb 15th, 2026)
Verify my mortgage eligibility (Feb 3rd, 2022)
CMS Mortgage prides itself in its Live, Love, Mortgage Motto! Our top priority is our investment in people and building relationships. By consistently meeting and exceeding our clients’ needs, we strive to become the standard for excellence in the mortgage industry.
Placing Value, One Family at a Time.
Verify my mortgage eligibility (Feb 15th, 2026)
Show me today's rates (Feb 15th, 2026)