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Just wondering if anyone has ever tried to get a mortgage while in school? (and not having a working spouse)
Basically I am looking at purchasing a single family property in $130k range expecting that I could get 2 roommates and be able to cover the mortgage, taxes, and insurance with their rent. The whole thing not seeming like a horrid idea since I know I will be living here for at least the next 3 years and could accumulate some equity in the process.
Of course I am a student though, so my income is only something like $8k a year currently. With savings I figure I could manage a 15% down payment on a place and have family members that could co-sign on the loan.
My assumption is that most banks would just laugh at me though. Anyone have any experience in a simliar situation?
Basically I am looking at purchasing a single family property in $130k range expecting that I could get 2 roommates and be able to cover the mortgage, taxes, and insurance with their rent. The whole thing not seeming like a horrid idea since I know I will be living here for at least the next 3 years and could accumulate some equity in the process.
Of course I am a student though, so my income is only something like $8k a year currently. With savings I figure I could manage a 15% down payment on a place and have family members that could co-sign on the loan.
My assumption is that most banks would just laugh at me though. Anyone have any experience in a simliar situation?
