Is it possible to purchase a home at the age of 25?

I want to buy a house for my family in New York but my credit is not that great. What are my options?

By | 2013-08-27T17:19:27+00:00 August 27th, 2013|Mortgages Home Loans Interest Rate|50 Comments

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  1. nkthanhtung August 28, 2013 at 6:05 PM - Reply

    In Vietnam, it is impossible, accept you are milionnaire’s son!

  2. grrl August 28, 2013 at 5:06 PM - Reply

    At 25, Yes. With bad credit, No.

  3. Keyman August 28, 2013 at 4:15 PM - Reply

    Try ur luck in atlantic city or las vegas..may be u make a good fortune that will solve ur problem

  4. -^-Smooth C-^- August 28, 2013 at 3:37 PM - Reply

    the question is not age it is credit and money.

  5. steveshoardhouse August 28, 2013 at 3:06 PM - Reply

    whether youre 18, 25 or old as dirt like me if you have the money you can buy anything.
    If you dont have money or good credit your chances are slim,I havent a clue on how to help you.

  6. SOOTY CAT August 28, 2013 at 2:33 PM - Reply

    You need to talk to a mortgage loan officer at a bank. It depends on the neighborhood, down payment you have and your income. The houses are higher in price today but interest rates for buying are lower and it is a buyer’s market. Keep asking question of the right people and keep trying. Good luck.

  7. Randy D August 28, 2013 at 2:15 PM - Reply

    Well, seeing as you’re in new york and I’m in Texas, I don’t know what your options are. But I couldn’t afford to buy a house at 25, but then, that’s just me. God Bless you.

  8. eg_303 August 28, 2013 at 1:59 PM - Reply

    I bought mines at 23 you just gotta have really good credit 650 and up to get good rates other than that get an cosigner also put everyones name on the loan that is going to be living their so the bank will lend u the money.

  9. tracytracyspikes August 28, 2013 at 1:20 PM - Reply

    you will have to go with a high risk loan. but you can at any age purchase a home. all you need is steady employment.

  10. spanishguy21 August 28, 2013 at 1:12 PM - Reply

    ya u can u realy dont have to have great credit just have a down payment ready and ask banks around to see if they can help trust me that works cause i’v done it and i have house.

  11. Mr. Cool August 28, 2013 at 12:56 PM - Reply

    You have two options (1) Try to put large amount as a down payment that way you will be at lower risk to get default and you will get approved for loan (2) Get co-signer

  12. jessieg63 August 28, 2013 at 12:06 PM - Reply

    sure you could, but it would make more sense to take care of your “not so great” credit. If you do, you most likely would find a morgage company that would give you a better rate of interest. Do you have money saved? How much do you have for a down payment? Why not research this with a morgage company that is trust worthy, before you put yourself on the line for even more debt. This answer may not be what you are looking for, but it makes more sense to be sure you have enough funds, before you make such a serious move.

  13. july2007bride August 28, 2013 at 11:29 AM - Reply

    Sure is! I bought my first house at age 24. My parents helped me out as far as the inspections and came with me to closing, but it was my name only on the mortgage. I have very good credit (790) so I had a good interest rate on that loan.

    If your credit is at least fair, you will be able to get a loan – but the interest rate will be more than if you had excellent credit. Also, the amount of your down payment will influence your interest rate.

    What you should do at this point is get pre-approved before you begin house hunting. That way you’ll know how much house you can afford.

    Good luck!

  14. Go16 August 28, 2013 at 11:24 AM - Reply

    Yes, it is!

    Have you ever considered buying a condo?

    Also, have you considered the manufactured / modular housing industry?

  15. bret f August 28, 2013 at 10:42 AM - Reply


  16. Derek K August 28, 2013 at 10:31 AM - Reply

    If you’re talking about areas like Southern California, Hawaii, and New York city, then forget it. But if you live in Kansas, Montana, Pensylvania, or Texas, then I don’t see why you can’t.

  17. PERCY L August 28, 2013 at 10:15 AM - Reply

    In Australia your age is not a problem at all however if you do nothaver a great credit rating and a deposit at least to assist with the legal costs then you may not qualify. You also need a steady permanent job. You can get 1st home buyers grants etc. but you still need to meet the criteria regarding credit rating and job status. good Luck

  18. PUTT August 28, 2013 at 9:30 AM - Reply

    yes. all it takes is $ and good credit or no credit.

  19. djs August 28, 2013 at 9:26 AM - Reply

    Yes but you will need a large amount of cash or help from someone with good credit

  20. Clockwork Grape August 28, 2013 at 8:51 AM - Reply

    Save your money for another year – prices are going down – during this time repeair your credit and build up enough so you can put 20% down for the house you want….some people will try and convince you that you can come in with less, but you want to bring in 20% if you can…even if you have to wait an extra couple of years….save like crazy and you can pull it off.

  21. DispatchGirl August 28, 2013 at 7:59 AM - Reply

    There are a lot of programs for first time home buyers that help you out Fannie May is one of them. I own my own condo but it’s just me and my daughter so we could fit comfortably bought it when I was 26.

  22. kavia m August 28, 2013 at 7:40 AM - Reply

    yes u can purchase a house any day u are ready too.

  23. need2knw August 28, 2013 at 7:18 AM - Reply

    Contact a Realtor and be upfront with them about your credit. there are many different types of financing available. Some will be ready to extend credit to you and some won’t. Don’t give up. You can do it.

  24. kerry9477 August 28, 2013 at 6:54 AM - Reply

    I owned my first one at 26 then bought my grandmoms home when I was 29. It isn’t that hard they have different programs to fit everyone. My sister got her first one when she was 24.
    in delaware we have a 1,000 dollar down program for first time buyers, if you don’t have perfect credit then you would just pay a higher interest rate. ask a realtor for a good mortgage broker who can help first time buyers. I think it is great your trying to help your family good luck.

  25. Theatre Geek August 28, 2013 at 6:51 AM - Reply

    Well as long as you have enough money, and you no that you have enough money for all it’s payments plus it’s monthly payments you should be ok. I must warn you though that houses in new york are very exspensive.

  26. bigmary2 August 28, 2013 at 6:37 AM - Reply

    Try contacting a local real estate agent. They will know everything there is to know about affordable, safe options. A really good website to browse local real estate/real estate agents is:

    It’s really easy to navigate and is full of info about realtors with links to their personal websites. Most of their websites will have all the available homes/rentals in the area along with community info, so you can do some research before you contact anyone. Hopefully that works for you. Good luck!

  27. LasVegasMomma August 28, 2013 at 6:14 AM - Reply

    Age is not going to be your issue. Since your credit is not great, you might need to document income or have a down payment. Check with a real estate agent in New York.

  28. akc1106 August 28, 2013 at 5:18 AM - Reply

    I bought my house when I was 23–by myself. Work on your credit, talk to a mortgage lender, there are plenty of programs out there, I’m sure something will work for you. Good luck!

  29. KYRealEstateGuy August 28, 2013 at 4:42 AM - Reply


  30. galbreath5 August 28, 2013 at 4:26 AM - Reply

    credit and work history must be good as is income to qualify,look into first time buyers programs

  31. US P August 28, 2013 at 4:24 AM - Reply

    To answer the first part of your question you can buy a house at 25. My wife and I bought our first house when we were 19 and now I am 23. I do real estate investing full time now and have bought and sold over 20+ houses in the past 2 yrs
    You will have to find out just how bad your credit is, figure out how much payment you can afford each month, and figure out how much money you can afford for a down payment and closing costs. Here are some suggestions for you. If your credit score is a 580 or better you should be able to qualify for a 100% full doc purchase. If your credit score is less you should qualify for something like an 80% first mortgage with a 20% seller held second. If you don’t qualify at all you can always find someone to help repair you credit to boost your score up a few points in the next few months and then maybe you will qualify. Or if you don’t want to go that route you could track down and investor in you area, if you have some money to put down, and have them purchase the property for you and your family, and then sell it back to you on a contract for deed, land contract, of bond for title whichever is legal in NY. This will be the same as if you went to a conventional lender and got a loan except you will be paying an investor instead of a bank each month. While you are paying an investor find someone to help repair your credit and refinance the lien that the investor is holding for you. If you need some investors to contact to help you with a transaction you can e-mail me at and i will send you some contacts.

  32. Jack G August 28, 2013 at 3:29 AM - Reply

    That’s possible to do. Get a credit report at annualcredit (truely free) to clean up some of the frivolus entries.
    Go to your bank and talk with a loan officer. If you get refused there it is possible to go to a mortgage lender who risk bad credit. That usually means a big down payment and a higher than normal interest. Keep in mind though, after a year the loan can be refinanced to a lower rate.

  33. lspalletta August 28, 2013 at 3:08 AM - Reply

    try to contact a few different mortgage people and tell them you are a first time buyer looking to purchase a home. do not go to the first person you talk to do not get locked in with anyone shop around find out what kind of rate they can give you and what you prequalify for do not sign anything if you would like I know a guy you may be able to use e-mail me and I will talk to you about it if you would like if not good luck and I hope I helped ya out a little


  34. koipu August 28, 2013 at 2:59 AM - Reply

    There are always options, and age is not a factor (as long as you are over 18 that is). Contact any local lender/bank/broker. Good luck and congrats! Remember, look into all the hidden costs – sometimes renting is still better than buying (taxes, insurance, rate, etc.).

  35. starting over August 28, 2013 at 2:23 AM - Reply

    Spend a couple of years getting your credit in order, and save up a ton of money for a downpayment and closing costs.

    Where in NY?

  36. tessasmomy August 28, 2013 at 1:46 AM - Reply

    Sure it is possible. Find a lender that is very experienced with working with folks with less than perfect credit.

  37. Donnacula August 28, 2013 at 1:37 AM - Reply

    I hope you have some $$ saved for a downpayment.

  38. Sam August 28, 2013 at 1:15 AM - Reply

    Yes, it is possible but you will have to wait until you get enough money.

  39. gin August 28, 2013 at 12:21 AM - Reply

    I bought a house when I was 19, so you can most definitely buy a house. Talk to a Realtor and see what you can do. They usually help you find the best mortgage that they can. Also look into the first time home owners program for the state, all that is required is that you haven’t paid property tax in the last three years. It help us get a larger house that could other wise not get. It took the mortgage down from 93900 to 78000. But there are some things tacked onto it. The remaining balance is kind of a soft second mortgage that you don’t pay on, and if you stay in the same residence for 10 years you pay nothing back. It is usually around 20% Of the asking price. Good luck with it.

  40. Sandi A August 28, 2013 at 12:01 AM - Reply

    My hubby and I bought our first house and we were 23 and 24 with not so great credit. Try Full Spectrum Lending. They are great and work with you and are a credible financial institution.

  41. BARRIE August 27, 2013 at 11:17 PM - Reply

    If you have the spondulicks of course!

  42. altonbi August 27, 2013 at 10:56 PM - Reply

    I purchased my first house at 24, but in st louis. Alternative financing: Contract for deed / rent to own / private fiancing

  43. SVGirl August 27, 2013 at 10:00 PM - Reply

    At 25 your credit should be fairly easy to restore. There are places / agencies all over that do that for free. Check your yellow pages or local paper or penny-saver to find some place near you. It’s worth it. They’ll help you to get your credit-cleaned up and ALSO find you a lender willing to give you a fair loan.
    You could get a loan for those with bad credit – but your interest rate will be off the hook.
    Get your credit report cleaned up via the help of a credit restoration counselor and they will ALSO help you get a FAIR loan on a house – you should get a good one as I’m assuming you are a first time buyer.
    The bottom line is banks WANT to give you a loan – that is what they are in business FOR…you’ll get one – just be sure you get the BEST one. Good luck!

  44. Atohng August 27, 2013 at 9:05 PM - Reply

    Yes, it is possible but your loan amount would be dependable upon the income you make but your credit score will definately change the percentage of interest you would have to pay back

  45. basskickintime August 27, 2013 at 8:18 PM - Reply

    My son bought his first house at the age of 23. So yes it is possible. For the not so good credit. Work on improving that. Alittle credit at the time to get est. again. Good Luck

  46. kja63 August 27, 2013 at 8:12 PM - Reply

    You have 2 different questions here. First, yes, it’s possible to purchase a home at the age of 25. I did.

    Now, about your credit not being that great. Ut oh! IF you qualify for a mortgage, you will most likely pay a higher interest rate because of your credit score.

    Close almost all of your credit cards. Make prompt payments. Always pay more than the minimum. Pay off your debts. Keep the oldest credit card open.

  47. Answer Vixen in PA August 27, 2013 at 7:46 PM - Reply

    My friend’s daughter and her husband are 22 and 20 and they just bought a house. They went through a first time buyers organization. They also got some grants that helped actually pay for the house. That was in Long Island.

    I’m sorry I don’t have the name of the organization but you can look up HUD in NY and they should have information for you!

    Good LUCK!

  48. scs005 August 27, 2013 at 7:23 PM - Reply

    I’m 25 and bought my own place last year however my dad helped me out in a big way………….So could not have done it without his help!!!!!!!!!

    Good luck..x

  49. IceAngel August 27, 2013 at 6:42 PM - Reply

    sure u can but idk if i can help u much after all im only 13

  50. 007 August 27, 2013 at 6:12 PM - Reply

    in new york? god ur posh!! got a ferrari with it?

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