Ready to start, but unsure I can get a loan

[M Ness]

After a long time of reading, planning. and preparing, I want to start investing in real estate. I'd like to purchase a single condo unit in the $80,000 range with a $20,000 down payment, giving me somewhere in the vicinity of a 75% LTV ratio. The property would ideally cash flow with those parameters. I really want to get started now, while the market is first recovering, before I'm priced out of the market.

I would need a $60,000 mortgage. Here is the problem: I'm currently a student with very minimal and sporadic part-time income. I can potentially get a decent cosigner -- will that be enough? I'm terrified that because of my very low income, I won't qualify for any loan.

When I graduate in a year I will have an income that will definitely allow me to qualify (I have the confirmed job offer) but that's a year away and even then I know most banks want two years of income history.

[Lynn McGeein]

Also, research special first-time buyer programs in your city and state. For example, VHDA is a program in Virginia where you attend a class, take a test, and they help you get a 0% down FHA, and it is purposely designed for low-income households (actually can't qualify if you make too much). I believe FHA accepts co-signers that won't be living in the home under certain conditions.