Skip to content

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
Followed Discussions Followed Categories Followed People Followed Locations
Mortgage Brokers & Lenders
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

User Stats

6
Posts
0
Votes
Shane Spaulding
  • Real Estate Investor
  • Jacksonville, FL
0
Votes |
6
Posts

I'm 17, how do I get financing

Shane Spaulding
  • Real Estate Investor
  • Jacksonville, FL
Posted
I'm 17 and I want to buy my first house to buy and hold to rent. I want to know how to get financed or how to get the money I don't have a credit score yet because I'm 17. I have a job part time that makes about $18,000 a year. But no credit score. Any ideas??? Thanks

Most Popular Reply

User Stats

2,918
Posts
2,088
Votes
Dion DePaoli
  • Real Estate Broker
  • Northwest Indiana, IN
2,088
Votes |
2,918
Posts
Dion DePaoli
  • Real Estate Broker
  • Northwest Indiana, IN
Replied

In the United States you generally have to be 18 years of age or older to enter into a "binding" contract legally.  This is referred to as "Legal Age".  Until the age of 18, the contract is not binding.  A minor can enter a contract at any age provided all parties agree, it is just not binding.


A conventional mortgage contract requires Legal Age.  

Age has nothing to do with credit score except that many creditors will not extend credit to a minor since they can not be bound.  As such, a minor can get a joint or co-signed account at very young ages to establish credit.  It is fairly common.

Is a joint or co-signed account possible?  If so, pursue that or simply wait until you are 18.

All this said, your enthusiasm is awesome.  Just don't go credit crazy when you turn 18.

  • Dion DePaoli
  • Loading replies...