Buying a house and paying mortgage with student loans?

Neither you or you parents would qualify for a mortgage. Why? Because you don't have an income to support yourself and if you do, you still have student loans to factor in which counts as debt in the eyes of the lender. Your parents COMBINED income of $2300/month is barely scraping by even if they have outstanding credit. Also, you are aware that if people can't afford to pay their taxes, they most likely can't afford to maintain their home (roof, appliances, flooring, leaks, mold issues, etc), right? So even if you could swing a mortgage for a tiny home, you'd spend a lot just fixing it up. You can attempt to go for a short sale or foreclosure but you simply are too high risk for most lenders to be remotely interested in taking you on. You can use student loans to pay for your mortgage (assuming you even qualify for one) as most don't check how the money is spent. But the thing is you have no actual income (and your parents barely make enough) to justify any amount for a loan. Also, you're a full time student with NO income. You're not a candidate for a conventional mortgage.

If by some chance you can't pay for your house (mortgage) you can foreclose and besides your fico score not much happens. If you pay for a house with student loans and can't pay those off, those are not forgivable in bankruptcy court. You are always gonna have to pay it back where a house even under water you can walk away from. A very stupid move!

First, STUDENT LOANS ARE NOT INCOME!!!! They are loans. So no lender will count student LOANS as income. So forget this. At this point in your schooling and life. RENT. Do not get tied down with a house, even if you could afford it. It's good that you want to finish school and get ahead.

No lender will use Student Loan money as "income" to qualifty you. Your parents DTI (debt to income ratio) will not allow them to qualify for you as a co-signer.. they are already at 50% without this new debt. Sorry, I know it seems unfair but you will not get a mortgage under these circumstances.

I'm afraid to be the bearer of bad news but you can not pay a mortgage with student loans. Why? Because the lender will want to know where the money will be coming from and you won't qualify. You may have enough for a down payment, but that isn't all you will need. It doesn't matter what type of house or how much the house is because unless you pay all cash you are better off renting and paying off your student loans as soon as possible. If your parents help you, are they willing to qualify for the loan as well?

Why would anyone lend you money to be repaid with money that you have been lent?you'd have 2 debts to pay, it is not a satisfactory or reliable income, circumstances change, maybe you will stop being a student, maybe they will reduce or abolish student loans - who knows. Your parents income doesn't even come into it, and if they have outstanding credit they can't afford to help you out or pass a credit check,a mortgage would be yours, so no, not logical and wouldn't be sensible even if you could. There are no pros as it will never happen.

You need to check to make sure that you can even do this. Some loans and grants are very specific about what they can and cannot be used for. People who aren't paying property taxes often have a ton more issues going on in this day and age - like bankruptcy and foreclosure. That means you will be dealing with short sales AND tax liens on top of that. Tax liens usually fall below mortgage liens when it comes to foreclosing. Cautionary words - As a single mom pursuing a master's degree, getting a "project house" may not be a great idea. Projuect houses often turn into money pits. I assume you currently spend most of your time dealing with school and with your child so getting involved in a money pit house could be devestating to you, your son, and your parents. If you don't have time to work and you have to borrow money to do this, how are you planning on rehabbing a house? On a personal note, I think it's kinda BS to even get your parents involved in this. You decided to become a single parent and to now expect your parents to support this "project house" dream because you didn't plan appropriately isn't exactly fair to them. The reality is that most reposessed homes are dumps and have been stripped. It's a TON of work to get them habitable much less improve them to a point where you fix them correctly so they sell for more than you've put in. With no job, it's also going to be pretty difficult to even get a loan, so before you get ahead of yourself, call some banks to see what they say. Edit: I think before I judge AND before I act. I have every right to judge you. It's MY tax dollars (and I pay more in taxes than your parents make in a year) paying for education. I actually commend you wanting to further yourself so you can care for your child; just don't drag your parents into this.

Student loans are for rental housing. Not for housing you will still be paying on once you graduate. Once you graduate, you will be paying on your student loans and your mortgage. Then what if you don't get a job? You will default on your loans and your mortgage. Too risky for the bank. You don't use borrowed unearned money to borrow money to buy a home. You need earned income to get a mortgage. If you don't have earned income, you don't have the luxury of worrying about throwing money away on rent. When you are paying your bills earned income, then you worry about throwing money away. If you are a homeowner, you may get less in financial aid or scholarships. If you do not have time for work, you do not have time to maintain a home. You need to mow the lawn, clean gutters, rake leaves, fix all appliances, etc. Being a homeowner is a lot of work. And there is no maintenance man to come fix stuff for you. Do you know all the hidden fees in owning a home? Property taxes each month. Home owner's insurance each month. PMI.