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Is there any possible way to buy a house under your name under the age of 18?

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I am hoping to buy a house when I am 16 for renting purposes, but I hear that I can only buy at 18, because anything I buy as a minor is not technically mine. Is this true? Doesn't that go against the Bill of Rights? Would it be possible to put it under my parents name and still somehow collect the rent myself, or would my parents have to do that and transfer it into my bank account?

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asked Dec 13, 2016 in Business and Finance by smyadmin
edited Dec 14, 2016 by smyadmin

1 Answer

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You most certainly can purchase a house at any age. At age 16 it would be best to purchase it within a trust fund which allows a parent or guardian to manage the fund until you turn 18, but you would still be the legal owner.

However, in the USA minors under 18 cannot be held legally responsible for a contract such as a mortgage loan. Therefore no bank would ever loan you money toward the purchase until you are 18, and then you'll need a few years of good credit and steady income.

So if you have the cash to buy a house, then go right ahead.
answered Dec 13, 2016 by 864s

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