Comments on: What is the best way to purchase your first house?? http://www.papublicrelations.com/search-home-for-sale/what-is-the-best-way-to-purchase-your-first-house Tue, 11 May 2010 21:51:59 -0400 http://wordpress.org/?v=2.8.4 hourly 1 By: enoriverbend http://www.papublicrelations.com/search-home-for-sale/what-is-the-best-way-to-purchase-your-first-house/comment-page-1#comment-1790 enoriverbend Wed, 10 Mar 2010 01:30:59 +0000 http://www.papublicrelations.com/search-home-for-sale/what-is-the-best-way-to-purchase-your-first-house#comment-1790 If you are a typical student, your problem will be that your income will not appear to support the mortgage. I doubt that you will qualify for a mortgage unless your financial situation is quite unlike the typical student. Also, your short time frame (2 years) makes the finances questionable. (Less time to recover the transaction costs such as realtor's fee and closing costs.) So it's probably best just to save your money up so as to be in a better position to buy a house later. One alternative might be to have your parents purchase it and rent it to you. They probably trust you more than the bank does (depending on what their experience of you has been), and at least they would get financial rewards from your housing situation. However, even then they probably wouldn't want to do that for just two years (for four years it might be a very attractive idea.) Continuing to rent is probably the ideal solution for your current living situation. <br><b>References : </b><br> If you are a typical student, your problem will be that your income will not appear to support the mortgage. I doubt that you will qualify for a mortgage unless your financial situation is quite unlike the typical student. Also, your short time frame (2 years) makes the finances questionable. (Less time to recover the transaction costs such as realtor’s fee and closing costs.)

So it’s probably best just to save your money up so as to be in a better position to buy a house later.

One alternative might be to have your parents purchase it and rent it to you. They probably trust you more than the bank does (depending on what their experience of you has been), and at least they would get financial rewards from your housing situation. However, even then they probably wouldn’t want to do that for just two years (for four years it might be a very attractive idea.)

Continuing to rent is probably the ideal solution for your current living situation.

References :

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