I’m going to be a junior in college next year and have $60,000 my grandfather left me for college unused. I’ve realized I spend 5x as much on housing than tuition and want to use the money for a down payment on a ~$200k house instead of wasting it on rent these next few years.
Between renting out a few rooms and working as a waiter, I will have no trouble at all with the $1,200 a month or so it will end up costing me. In fact I think I’ll be able to break even just from charging rent.
What I’m wondering is if there is any way a bank is going to lend a 22yr old who only earns $15,000 a year and has essentially no credit history so much money.
My parents have excellent credit and would be willing to co-sign the loan. Of course if they put the mortgage in their name it would be no problem, but I would like to get the tax write off and have the responsibily of owning it myself. Will having them co-sign the loan in my name be enough or is there no way I will get approved?