Do you think 21 is too young for a single mom to buy a house?

Question

I am planning on moving out of my mother's house soon, but i only want an apt. to be a temporary place for me and my daughter. Iam 19 now and I have really been building my credit for 3years and it is in the 700s. I recently purchased a vehicle with no cosigner and an outstanding interest rate! I handle the household bills and balance budgets here so I am really confident i know what i am doing as far as keeping home together. I have a great income, but i am sure it will be alot better in a year or so.

I now work for a bank that offers great mortgage programs for its associates and I want to take advantage of every opportunity I can. I want to buy a house in a year or so, more than likely I will, but i wonder is 21 a traditional age for people buying houses?

Answer 1

Wow congratulations, u really sound like you have your sh*t together even with a baby and only 21 props to you. I'd say definitely if you can, go for it. With the great deals you can get right now (depending on where you live of course) it's a really good time to buy and the sooner you can start building equity the better and the more you will have to spend on a house in the future.

Answer 2

If you're in a good financial position right now and you believe you will be in a better one down the road, go ahead and make your plans to purchase a home. Sit down with pen and paper and determine what all your expenses will be to make sure you'll have enough to make ends meet. If that looks good, buy a home as soon as you have a large enough down payment saved up. And when you get that big raise down the road, try to put as much into your 401K and other savings as possible. Good luck.

Answer 3

no, as long as you are sure you will be able to pay of your mortgage and you have a good credit too

Answer 4

It's never too early if you can afford it, go for it.

Answer 5

It shouldn't be a problem as long as you continue to have good credit.  Will you have a sufficient down payment for the house?  

It really doesn't matter what age you are.  It sounds like you're very responsible and resourceful.  Keep doing what you're doing and save for a down payment.  With the market the way it is, prices will probably be even lower next year and you'll be in a great position to buy.

Good luck to you.

Answer 6

If you can afford it...NOW is the time to buy.  It's a buyers market and there are some great deals out there.  Renting is throwing your money away.

Answer 7

I never heard of a traditional age, but it is plenty old enough.

If you can manage it sooner then 2 years you should, I think the interest rate is not going to stay down that long.