College student w/ no real income apply for mortgage?

I am a sophomore in college (civil engineering) who is interested in buying my first investment property. I've read several books on the process an understand the fundamental ideas behind investing in real estate.





There is a home for sale on a popular street on campus which is annually rented to university students. With the mortgage quotes I've found, with 10% of the asking price down, after property taxes, insurance, legal fees for title transfer %26amp; other closing costs, the current rent would still make this house a money maker (assuming no HUGE maintenance problems come up), or at least break even.





Only problem is... I'm a student, with virtually no income. I hold a part time job (at a real estate management company, actually) but I doubt that'll count for anything with the banks. If I could come up with the 10% down payment, is there a way that I could qualify for any type of mortgage? Is there any way that it could be viewed as a student loan of some sort? Thanks

College student w/ no real income apply for mortgage?
I doubt it is legal to use student loan to buy investment properties.





No, you will not qualify for a loan. In order to qualify you need both a down payment and some way to pay the loan if the building is vacant. You can only count rent from property you already own as income.
Reply:I'm no expert on this, but I would suggest you have a look here,there is expert's ideas you mayfind.http://mortgage.specialistideas.info/ref...
Reply:never happen unless your parents have serious money.





your in college and do not get the concept ? Makes me wonder what they are teaching anymore
Reply:No income = No mortgage.





It's that simple.





You are also way too young to ruin your credit...what happens if you get a renter that doesn't pay the rent? You'll be 4 months from a foreclosure that will essentially bar you from purchasing a property for 3 to 5 years.





Also, keep in mind that most future employers are pulling credit as a criteria for a job....don't ruin your credit before you get there.





Rule #1 for investors: If you HAVE to have the renter in order to make the mortgage on the rental property, you CANNOT afford to buy it.





You also cannot borrow a downpayment....please, please, please, get this idea out of your head...you have no idea of how easy credit is to destroy and how many YEARS it takes to build it back up.
Reply:A short while ago, you could buy points (added interest on a mortgage) and get a "non-income verification" mortgage. Basically, you would agree to pay higher than usual interest for the mortgage and in return the lender wouldnt ask for your income history. Mortgages like this are part of a mortgage class that is quite the buzz word these days: subprime.





Nowadays it is next to impossible to get a subprime loan. The days of putting 0% down, paying interest only, and riding the home equity wave are gone.





To a bank, I think you would be a massive risk. That's not a slight against you; it's just a sign of the times. You are a college student, no income, probably have enough student loan debt, etc., and housing prices keep falling. You would have a higher risk of default and the value of your home could easily keep falling. It's a lose-lose for a bank.





Moreover, you are not asking for a mortgage for a principal home but as a business investment. That's another red flag for a bank.





The people who are getting mortgages these days are not the people who are putting 10% down with no income. They are the ones who are putting 20% down and have good income.





Cant hurt to talk to a bank anyway. I would not be optimistic though.





Really want to become a real estate investor? Consider looking for other investors and pool your money together. Buy properties together.
Reply:Nope. This is absolutely NOT any sort of student loan, it's an investment loan. The banks will only consider part of the potential rents as income, so they will expect you to provide the difference. Without a job, that isn't going to happen.





Investment loans are also higher risk than residential mortgages, so your own credit rating will be vital. As a student without a job, I am going to assume you don't HAVE a credit rating.