How can a student with a part time job buy a house?
I am 24, and a student finishing her BA degree. I will graduate in December of this year (2009). For the past year and a half, I have been living with my parents so I can save money and I was planning on staying with them until I graduated. There has been a sudden change, however, and my grandma has come to live with us. Due to health reasons and age, she cannot live alone. Unfortunately we have only three bedrooms in our house, one for me, my little brother and my parents, but now with my grandma here, my brother is relocated to the couch. Anyway, to make a long story short, I am contemplating moving out and buying my own house and I thought if bought one with more than one bedroom, I could rent out the other to a friend. With the housing prices so low now, there are nice houses in Tucson for sale between $ 50,000 and $ 80,000 in areas I would like to live. The mortgage each month would be less than paying rent in an apartment/house with my friends and by renting out the extra room to a friend, I could make the mortgage payments. But how would I qualify for/get a loan? Is it even possible for a student with a part time job? I thought of just renting a place with one of my friends who has a room available, but the payments would be more than the mortgage payments on my own house. What should I do? Maybe I should just stay home and deal with the tight quarters? My brother will just have to sleep on the couch for a whole year. Thanks