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Student purchasing a house, need help finding money?

I found a great deal on a house i want to purchase. The house is only $49,000 and probably needs around 10k in work. So worst case scenario is 60k. I can get approved for a rehab loan, but they have too many stipulations. (plans, certified contractors, 1st time classes) and that would at least double my repair cost, since i plan on fixing it myself. I have 10k saved so i need around 40k to purchase the house. After i fix it, i can then get a conventional mortage. So i need to find money for 6 months, then pay it off. Where should i get this extra cash. Can i get a student loan. I have mostly scholarships and currently only have 3k in studen loans and i’m a senior. I can get 15k from my credit card at a low interest. I can refinance my car and take out another 15k in equity from my car. Or i can ask my mom to do a home equity loan on her house and borrow it from her. What’s the best way to do it.

Some more details: I am approved for the rehab loan, but obviously not a conventional mortgage, since it needs work.

I do have a job, and make enough to cover the mortgage, plus i have two friends that will move in with me. I can get a conventional mortgage after i repair the house.


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5 Responses to "Student purchasing a house, need help finding money?"

  1. Your Best Fiend says:
    The question is, “Will you be able to handle the payments on the various loans until you can get a conventional loan?”

    Student loans are limited, but they are supposed to be used for education not to buy a house. If you can’t get a conventional loan now, then maybe it isn’t that great of a deal.

  2. The Professor says:
    Student loans are designed to finance an education, not the purchase of a house. You would probably be violating the terms of a student loan agreement by using the proceeds for a house.

    If you can’t qualify for a conventional mortgage right now, then the house is probably a complete wreck or you don’t have the necessary income to secure a loan. Either issue means you shouldn’t be buying a house at this time.

  3. robert w says:
    Jon G.
    ur a financial nightmare in the day.
    students Move after grad to where jobs are.
    students do not get 15 K$ loans at 29%.
    refinancing a car ? please visit to learn the hard expensive lesson coming ur way from others mistakes. Please do not ask ur mom to risk her house for urs.
    You have not allowed for any form of risk in this deal, that’s why an associate will get to visit u.
    get real counsel on this bad deal.
    ur estimate of work needed is all ways 30 -50 % low.
  4. Frank Castle says:
    Sell your car, get a job, apply for more credit cars and find at least one roomate that can pay you at least ONE YEAR in advance for his or her bed.
  5. Mark M says:
    You post your profile on this webiste and then lenders come to you. I recommend trying

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