What Is The Minimum Age To Obtain A Mortgage?

Minimum Age To Get A Mortgage

Last Updated on 07/21/2017 by GS Staff


What is the minimum age to obtain a mortgage?


The minimum age that you are allowed to obtain a mortgage depends on the state where you live. State laws dictate the age that you can legally enter a contract. That age is 18 in most states. You can click here for a reference on the legal age to enter a contract by state.

Of course, just because a young adult meets the minimum age to obtain a mortgage does not mean that they will qualify for a mortgage. Consider some of the below factors that mortgage lenders may consider and relate these factors to a typically person who has just reached majority. Many young adults may not meet the criteria set by lenders to obtain a mortgage.

  • Income: A lender will verify that the borrower has sufficient income to cover the new mortgage payment plus any existing debts.
  • Employment History: Lenders often want to see a stable history of employment.
  • Assets: The borrower may be required to verify sufficient funds to document reserves and/or cash to close the loan.
  • Credit History: A lender may require the borrower to have an established credit history showing a history of timely payments.

Our goal here is not to discourage young adults from applying for a mortgage. If you have just reached the legal age to obtain a mortgage in your state and wish to obtain a mortgage, you should talk with a mortgage professional who can guide you in findings a lender that will work with your situation. There are many lenders out there and they all are not the same.

Maximum Age

There is not a maximum age to still be able to obtain a mortgage. You can be 115 years old in the Unites States and lenders are required to issue you a loan as long as you qualify for it.

According to the Equal Credit Opportunity Act (ECOA), a creditor may not consider your age unless you are a minor. Age can be considered if you are 62 or over and your age favors a credit decision.

Age can be used in the following circumstances, according to the ECOA: “If it’s used to determine the meaning of other factors important to creditworthiness. For example, a creditor could use your age to determine if your income might drop because you’re about to retire.”