It is not uncommon to have others discourage you from buying a home in your 20's. There are many people who believe you should wait until you are older to buy your first home. However, there is nothing wrong with buying your first home before you turn 30 years old. You have your whole life ahead of you, and you can benefit from making such a big move while you are still young.

Others may feel it is not possible to buy your first home this early in life. Actually, it is very possible to make this dream come true while you are still in your 20's.

Are you thinking of buying your first home in your 20's? Are you being discouraged by other people? If you are unsure of this decision, here are several reasons why buying a home in your 20's may be a smart move no pun intended.

Learn To Save Money For Bigger Expenses

You are going to need to save up a lot of money if you want to purchase your first home in your 20's. It is important to save up for your down payment and mortgage, and there are many financial planners who recommend making a down payment of at least 20 percent of the price of the home. You can also look into assistance programs or borrowing money from a trusted relative. The good news is you are learning how to save your money for bigger and better things in life, such as your forever home. It also shows future realtors and lenders that you have the experience and responsibility necessary to handle a down payment and mortgage.

You Can Refinance Your Student Debt

If you are attending college in your 20's, you can always look into refinancing and extending the life of your student loan. The result is paying the loan back in smaller monthly amounts. This way, you have a little more money to put on the side each month for homeownership. If you look into buying a home in your 20's, you can avoid still paying off your student loan when you are planning to retire. In addition, you can also meet with a mortgage lender to find out if you qualify for a program that provides assistance to college graduates and first-time homeowners. The earlier in life you look into these plans and programs, the sooner you can get everything together for your first home.

You Are Building Your Credit Score

It is no secret that homebuyers in their 20's may not have a long credit history. You are just stepping into the real world after college, and you may not have had the chance to build up your credit yet. Another reason why buying a home in your 20's may be a smart move, no pun intended, is it gives you the opportunity to build up your credit score. Unfortunately, most mortgage lenders require a credit score of at least 660. Luckily, you can spend time in your early 20's trying to build up your credit to at least the minimum score. Your home expenses after buying your first home can help you build your credit score higher. This way, you are presenting a longer credit history if you decide to move in several years.

There Is Time For A Starter Home

Purchasing your first home in your 20's gives you time to find what is known as your "starter home," which is a cheaper home to help you get on your feet. The mortgage of your starter home may be more affordable because it is not going to be an expensive home. You may be able to get a five-year or seven-year adjustable-rate mortgage, and you may even qualify for a lower-interest-rate for your starter home. Use the time in your starter home to save up for your forever home, and be sure to make plans to move before the interest rate lock expires. This way, you do not have to worry about the interest rate increasing before you can move into your dream home.

If you look into buying a home in your 20's, you have more time to adjust your finances, build your credit score and find your forever home.