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Is it possible for a college student to buy a house?

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Lifer
Say there were going to be 6-8 people living there.. each paying rent that would go towards the payment of the house.. could it be done? Do you think a bank would provide a loan large enough to cover the house? I'm asking cause if you sold the house after you were finished with college.. you'd basically get your money back.. right?
 
First of all. Living with 8 other people is hard.
Second, have 8 people be responsible for a loan ranging +15 years is probably nearly impossible.

Run far away.
 
Imagine all the planning and complications. What if some people leave? Who pays for home improvements? Who get profits from selling of house? Who will do maintanance? Who is the owner? etc.. etc..
 
If you could find a bank willing to allow that many cosigners on the mortgage and they all met minimum requirements then maybe, but I wouldnt bet on convincing the bank it would work.
 
Better plan would be for one of you (with a parent as a cosigner) or even just the parent because it'll probably be cheaper, to buy the house and everyone pays rent to him/her. Then you won't have the problem of people leaving or not paying on time or things like that.
 
kami has a reasonable idea
as far as 8 different people paying towards the payment? oh man i can see it now
another 500 "i hate my roommate and I want him to die" threads 🙂
 
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