I’m not going to lie to you it is possible but very difficult. My wife and I bought our first home when she was a month past her 20th b-day and I was also 20.
Also we had over 700 credit scores, job stability both over 2 years at same job, and 15000 for money down that we had to show that we saved over time. So as you read this I’m not writing to discourage but to make you understand what is ahead so you can prepare. Hope this helps and I wish you well.
Ted
Will anyone lend to a couple who are 19years and 18 years old? They have a newborn, 7K in savings, plus family gifting up to 10K for downpayment. The young man was on his former job 3 years and current job with University for 2 months. Any loan officers who can help with this one?
I ran into a similiar situation recently with 18/19 yr old couple. One issue that the young age may present is the lack of a credit history. This may not be a concern for your couple, but it was for the one with which I was working. Both lived with parents at home and had no credit scores. They did not even have the necessary bills (rent/utilities/etc) to replace credit lines.
Posted by John Merchantj on October 14, 2003 at 22:27:45:
In many (most?) states, a married person UNDER the age of 18, is by the process of becoming legally married, thereby legally “emancipated”, that is made “old-enough”, legally, to sign contracts. But since they are both 18 or over, I’d be pretty sure they are old enough in all 50 states to sign contracts.
And since both Fed & State non-discrimination laws and statutes make ANY discrimination based on age illegal, I’d doubt that these folks would be turned down.
They seem to have their heads screwed on right, at an unbelievably young age, and I think their records are going to impress most anybody enough to make lenders want to loan to them.
Well there is supposed to be no discrimation age, race, color, sex.
Is the Mr. in the same line of work?
FHA loan is good but PMI is a witch.
IF scores are good there are 103% programs (3% for closing cost except broker fee). They could also get the seller to pay closing cost, exact amount is lender depended 3% conforming and 6% most non conforming (A-, B-C lenders).
I like South Star Funding because they are easy and quick, however they charge a 1st time homebuyer. Broker Funding Solutions (a Lehman Brothers Company) is great for rates and A credit.
I’d also see since they are young and the chances are good they will stay in the home for 3-5 years max, for them to get an interst only loan. They are excellent!
I’ve personally never had anyone that young get a home, but I don’t see if they qualify why underwriting would say no. Both are legal age to enter into contacts.