Mortgage or Student loan

[Tyler Turner]

I'm in a dilemma and looking for advice, I want to house hack when I move to Portland and have been looking at residential condos, condos, single-family, and multi-family ranging around 250K. But I also need a student loan of around 70k for nursing school. So my concern is finding funding or even if it's possible to have the financing of both around the same time. I currently have a little more than 30k saved up and could have at least one co-signer for one of the loans but I won't have a stable income again until after nursing school. I'd like to use an FHA loan with a recast after closing + a seller percent buy down for the home hopefully. If you have any advice I'm all ears please and thank you

[Ryan Thomson]

@Tyler Turner you might be stretching yourself too thin here. Do you have a job to help pay for the mortgage? House Hacking probably isn't going to cover your mortgage right now. 

The other option is finding a cosigner to "invest" with you. 

Here is an interesting idea. Use your knowledge and drive to convince your parents (or other co-signer) to get a home near your college. Co-sign with them and put some money down with them if you can.

Buy it as YOUR primary residence with your parents as the co-signers. This would allow you and your parents to only have to put 3.5-5% down. Then you rent out the rooms to your college friends. This will probably allow you to live for free and your parents to avoid a dorm or expensive home payment while you are in college. Not to mention you can both cash in on appreciation and loan paydown.

You obviously need to convince your parents or (someone who would co-sign and help with the downpayment) about how good of an idea this is. But if they are savvy money people and they trust you (which I bet the do), then this seems very doable. Maybe give them part of the equity or a monthly fee until you refinance and get their co-signing off the loan.