« on: May 02, 2006, 07:23:03 PM »
It's pretty easy to buy a house....as long as you do it well before enrollment. The mortgage broker only cares about your past credit/employment history and that you can come up with the down payment....because as soon as he o.k.'s your loan and you close on the house, he punts everything to the bank and you become their problem, not his.
I closed on my house in may before my first semester. It was the best financial move of my life.(I did pay the 20% downpayment to avoid the PMI though, which would've otherwise added about an extra 10% to my mortgage payments) But my monthly living expenses for a new home 2 miles from campus, are roughly equivalent to what most of my classmates pay for a decent 2/3 bdrm apt. There really is no downside either, even if the market crashes, there's always a high demand for rental properties around any major university, and you could just rent the house when you're done with school.
If your concerned, just pay the $50 fee most brokers charge, and apply for a mortgage. If he rejects you, just see what the reason was, and then apply with another broker and fudge whatever details caused your original ineligibility. From your screen name, I'm assuming you're heading to D.C....if that's the case, you're biggest hurdle will likely be the downpayment, or the commute you'll be forced to live with to find a reasonably priced home.