College student w/ no real income apply for mortgage?

Written By: admin on September 21, 2009 No Comment

I am a sophomore in college (civil engineering) who is interested in buying my first investment property. I’ve read several books on the process an know the fundamental thoughts behind investing in real estate.

There is a home for sale on a well loved street on campus which is annually rented to university students. With the mortgage quotes I’ve found, with 10% of the asking price down, after property taxes, insurance, legal fees for title transfer & other closing costs, the current rent would still make this house a money maker (assuming no HUGE maintenance problems come up), or at least break even.

Only problem is… I’m a student, with virtually no income. I hold a part time job (at a real estate management company, really) but I doubt that’ll count for anything with the banks. If I could come up with the 10% down payment, is there a way that I could qualify for any type of mortgage? Is there any way that it could be viewed as a student loan of some sort? Thanks