Mortgage Insurance Quote
W College student / no actual Mortgage Application income?
I am a sophomore at the University (civil engineering) that is interested in buying my first investment property. I have read several books on the treatment of an understanding of the fundamental ideas behind investing in real estate. There is a house for sale in a popular street on the campus which is rented to college students. With mortgage quotes that I found, with 10% below sales price, after taxes, insurance, legal fees for the transfer of title and other closing costs, the current rent would still make this the house of a money maker (assuming no major problems keeping up), or at least break even. The only problem is … I am a student, income hardly. I have a part time job (in a company of property management, actually), but I doubt that will count for nothing with the banks. If I could redeposit 10%, this is one for which I would qualify for any type of mortgage? Is it possible that could be considered a student loan of some sort? Thanks
I doubt it is legal to use student loans to purchase capital goods. No, you do not qualify for a loan. To qualify, you need both a deposit and a way to repay the loan if the building is vacant. You may not intend to rent the property you already own as income.
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