My First Mortgage

[Joel Strehl]

Hey BP,

I'm 20 years old and in the process of finishing my degree at the University of Minnesota. This year I will be leasing a house on campus, but once my lease is up I plan to buy a house that I can house-hack/fix up to add value. To do this I'll need to get pre-approved for a mortgage, but as a student it will be difficult to have a full time job. I've talked with my mom and she would be willing to co-sign or provide some capital for a down payment.

In my situation, what would this process look like? Will I need a full-time job to get a mortgage? How should I utilize my mom's financial assistance?

-Joel