Nappanee, IN asked in Real Estate Law for Indiana

Q: I am 17 and want to buy a house BUT have no way to start. I have no credit or any training to know how to start. Help!!

My school tries to teach us what to do when its time to move out and be on our own, but I want to move out of Indiana and don't know how to get a down payment or anything. I know the prices of the down payment but not how to put an offer or anything.

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1 Lawyer Answer
Ben F Meek III
Ben F Meek III
Answered

A: Generally, minors cannot enter into binding contracts, so you will probably have to wait until you're 18 to try to buy a house. Banks and mortgage companies won't deal with you for that reason alone, not to mention your lack of good credit. Gaining a good credit history takes time. You'll need to hold a job continuously for a period of years, borrow and timely repay some loans, things like this. Rent payment history also helps, so you should probably plan on renting a place to live until you've built enough credit and saved enough money for a down payment on a house. At your young age, buying a house is a worthy long-term goal and a good way to build wealth. But don't be in a hurry to buy a house. Get a job you love. Spend less than you earn, save, spend wisely, travel, see interesting places and meet interesting people. Learn how to sail, live on a boat, live an interesting life. The more stuff you buy, the more you are a prisoner of your possessions. Good luck to you.

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