College Student Looking to Buy First Home

[Vanessa Eckhof]

Hello,

I am a full-time college student at the University of Central Florida. I also work part-time as a substitute teacher. I am currently still living at home but am looking to buy a house to move into and have roommates. I am interested in doing the First Time Buyers Program. I am looking into possibly purchasing at the beginning of 2021. I am expecting to have a cash gift for the down payment. I do plan on staying in the Orlando area. I am looking for a house near the University so if there is a time I would need to move or if "life happens" I know I will be able to rent rooms.

My questions are would I be approved a loan for a house? Would me renting rooms be okay with the loaner? Is there any advice on first time buying that would help me? 

Thank you!

[Jonathan Greene]

You will probably need your parents to co-sign a loan based on part-time income, especially if you have student loan debt which will make your DTI ratio way too high. If you parents are interested in investing or have invested in real estate, it can be a nice way to work together. I did this with my father when I was 18 multiple times to learn how. You can rent rooms inside your own house, but you will want to protect yourself as much as possible with proper leases and have your roommates have their parents co-sign for the rent payments. Also, when you are the owner and you rent rooms to other students, you have to make sure that they understand there is a landlord-tenant hierarchy first and friendship second in case things go south later or they violate rules you all agreed on.