Can I buy a house using a student loan?
September 17, 2007 8:50 PM Subscribe
Can I buy a house using a student loan? Would this even be a good idea?
posted by spiderskull to Work & Money (13 answers total)
I'm going to be in grad school for a quite a while, and I wanted to buy a house using a generous cash loan from family as a down payment, and student loans + renting the rooms to cover the mortgage payments. Grad school is paid for by TA'ing and eventually by a GSR position, which means the entirety of the loan would go towards the house.
I would buy the house once the market really flops over, and I can get a good price. I'm also fairly confident that the property will increase in value, as it would be near a university by the beach in California.
Questions: (1) Is this possible? (i.e. are there any specific restrictions against doing something like this) (2) Is this a good idea? (3) If I go through with this, what sorts of pitfalls and potential issues should I look out for?