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Old 03-01-2011, 09:09 AM   #7
JerryJones
 
Join Date: Mar 2011
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Owning a home is almost every one's dream, but millions of people are struggling under such a burden of student loans. People with student loans buy homes every day, so it's not a debt that necessarily acts as a barrier for people who want to become homeowners.
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Old 03-11-2011, 06:13 AM   #8
Alastair
 
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Location: USA
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Buying a house on the basis of student loan .......i think it is unique idea but i wonder it is possible from the student loan to get a house ......i am afraid it is quite difficult to get.The finance related to the house purchasing is quite large.
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Old 03-11-2011, 09:28 AM   #9
Watson77
 
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Quote:
Originally Posted by endopiemo View Post
This idea is just absurd.

With a few quick numbers drawn out here’s how it looks.

$150k loan amount, I think this is pretty fair for a starting home.

$900/mo payments

Over two years you would pay:
$4,122 roughly on principal
$17,760 roughly on interest
$4k taxes (this is estimated at 2k per year which is probably a low ball)

Don't forget closing costs estimated around $4k

so to live in a house you own would cost you around:

$25,882
and leave you with a balance of $145,878 on your original $150,000 loan.

Not a smart move. Compared to the $12,000 you would spend renting for two years.

Even if you did find $50k house, what kind of condition is that going to be in? Can you live in it for 2 years? Even if by some crazy circumstances you did get a house, trying to sell it 2 years from now is not going to be an easy task.

Good luck.
Before going into some construction or anything like that, Have a detailed conversation with your dad and get his suggestions too. Or got o some professional person that is related to the credit giving matters.
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Old 03-18-2011, 10:34 AM   #10
halstonwind
 
Join Date: Mar 2011
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Minimum score for a mortgage is 620 with FHA. You also need to have no debts in collection. If she cannot pay off her debt then she could not have the down payment and closing cost needed to buy a home.
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Old 06-03-2011, 03:19 AM   #11
marvinbonds
 
Join Date: Jun 2011
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The lender will figure out what you did.Student loans show up on credit report.The only impact would be on your prospective mortgage amount.Lender will request bank statements and tax return.It will not take lender long to figure it out.A fair enough doccyboy,I didn't realize there was an older scheme that worked like that.
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Old 06-17-2011, 10:39 AM   #12
Colmer
 
Join Date: Jun 2011
Location: New York, USA
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It is ridiculous to buy home with student loan as loan issued to student has limited cash which is very low for financing a home.
You need a mortgage loan to buy a home.
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