Would this be foolish?
If I took out a $ 25,000 student loan to have a 20,000 down payment on a bank repoed house, would that work? I would be renting rooms out in the house, as well as living there, so that I could make the mortgage payments each month (Since I would be buying the house from the bank, wouldn’t the bank just work out monthly payments for me to make, without me having to take a home loan out from them to purchase their house?)
Being 19, I have little credit. My credit score is 728. I make about $ 800 monthly during the school year, and about $ 1000 monthly during the summer. Would I even qualify for a home loan if I wanted to purchase a house? If the value of the place goes down, can’t I just remodel to make the value go back up?