Home Buying in Bellingham>Question Details

Max Hampton, Home Buyer in Vancouver, WA

Student Obtaining Financing?

Asked by Max Hampton, Vancouver, WA Sun Sep 30, 2012

I am looking at moving to Bellingham soon to continue my studies. I'm looking at about 3 years for my current plan. I want to avoid spending $30,000 on rent and having nothing to show for it when I finish. I will have a relatively large lump sum of money coming in soon that will cover a down payment, I plan to rent any spare rooms in the property I would purchase, and I plan on working while I am in school. At this point I don't have any figures available unfortunately.

What assistance programs, if any, make sense for someone in my current situation? Thanks.

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Answers

4
Max; you have not discussed your debt load or how you would intend to finance a property in Bellingham. If you are a student, then you may already have student loans stacking up and unless you have independent financing and a good income you may be out of luck. What I have done in the past is work with students and their parents to purchase a property that would make a good rental unit and will show a positive cash flow. The student lives there while attending college at a reduce rate, (cheaper than in the dorm and more fun) and after he or she graduates the parents either keep the unit and continue renting it out or sell it. Let me know if this makes sense to you.
Dave Ulrich
0 votes Thank Flag Link Fri Oct 19, 2012
Hey there Max,
Now is a great time to buy. Low interest rates and low housing prices make it a no brainer. Unfortunately, if you do not have guaranteed income you will not qualify for a mortgage. I would suggest getting a family member to cosign on the loan with you. Of course, that family member would have to be able to qualify for the loan and be able to repay in the event you did not pay. I would like to talk to you directly about these options and find out more about your particular situation. I would also like to give you some names of local mortgage reps in Bellingham to see what options they have for getting you approved for loan. Contact me at your earliest convenience.
Shenandoah Myrick
Sterling Real Estate Group
360-303-9083
0 votes Thank Flag Link Fri Oct 12, 2012
Great idea, share it with you senator. Currently there are no housing programs for students. Unless you have a good credit score, full time employment and good credit history, you cannot get mortgage under current market conditions.
0 votes Thank Flag Link Mon Oct 1, 2012
Max,
Congratulations on continuing your education and choosing to be smart about how you handle your housing. Unfortunately, conventional financing arrangements will require an ongoing and continuous source of income that could handle the mortgage without relying on renting out rooms. If you already have work lined up and it’s with the same company you are with currently or in the same field and for enough to meet the lenders debt to income guidelines, you possibly could buy something in your name.
Where you currently don’t have figures available, I think that this would be a difficult arrangement. One option could be to have a family member or someone else you trust who could qualify purchase a residence and arrange a partnership with them for you to manage the tenants in exchange for reduced rent or partial ownership or gain. If you know someone open to this type of arrangement, work out the details with an attorney up front to avoid any uncomfortable surprises later.
0 votes Thank Flag Link Mon Oct 1, 2012
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