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Updated 10 months ago,
Is it possible to purchase a property at 19 with a small income history?
Hi everyone! I'm 17 and I will turn 18 next April. My goal is to buy my first property when I'm 19 that I'm going to house hack.
I have $14k saved up right now and I have my own business, from which I earn about $1-2k per month.
I also started working at a part-time job recently to start building an income history, get a W-2 form and receive paycheck stubs, which are necessary things to have to get approved for a mortgage. I know that I need to have at least two years of income history to be qualified for a loan, so that's why I decided to do it now.
My question is, do y'all think I'll be able to get a loan and buy my first property when I'm 19? And will the lenders take into the consideration the money that I'm earning now and from my business?
I'm planning to put 15%-20% as a down payment, so maybe that can be as a "compensating factor" to the lender, if I won't have enough income history at 19.
Thank you so much!!