300k fha loan for college student?
What i plan on doing in college is buying a 300 thousand dollar home about 5bds and renting put 4 bdrms to students for about 600-700 a month. what i want to find out is can i get a 300thousand dollar fha loan with both my parents co-signing. I will be able to put down 6%.
@real estate guy i actually want to be a er physician and the question about the trucks were for my step dad and the questions about the police and sheriff were for my uncle so calm down.
- real estate guyLv 77 years agoBest Answer
You are not going to be able to get a loan. Maybe your parents can. However, they will need to qualify for the full 285 loan. The rental income from roommates will not be counted as income.
This is a poor idea. You can't even figure out what you want to be (truck driver, cop or ER doc). Go to school, live in a dorm and experience college without being a landlord.
- Christin KLv 77 years ago
If your parents want to buy the house and give you a job as a landlord, that's a different story. But you don't get a mortgage with a "co-signer."
A $300K mortgage is a heftly sum of debt for someone who has a steady income--it's astronomical debt for a college student who only has 6% to put down and no permanent employment yet. And unless you're living in some extremely wealthy town where college students can afford to pay $600-700 a month for rent, AND you already have them lined up to rent, you're not going to get it as an investment property either. Besides--where do they rent $300K homes to multiple tenants? Have you checked zoning laws?
- moniqueLv 77 years ago
If you don't have established credit, even with a co-signer and a down payment, you would not qualify for a mortgage.
With the way the housing market has become, mortgage lenders are a lot more stringent now with looking at whether or not they will provide individuals a loan. When I got my mortgage, I had to provide financial bank statements showing earned income from a job. They also verified my employment. So it just isn't based on whether or not you have a down payment or potential co-signer. The mortgage lender wants to know that their monthly mortgage will be paid, and that they will not end up with a foreclosure.
And keep in mind that some areas have strict zoning. I know there is one area where I live where individuals can not rent out their homes.
- 7 years ago
Your parents would co own. Whether or not they could help you depends on what their credit and income is like, since you have none of either.
You won't find a lot of students who can spend $700 a month to rent a room.