Buying a House as a College Student

Photo courtesy of www.morgantown.com

To most college students, buying a house doesn’t become an option until after graduation.  Some though, like Morgantown-native Devon Unger, have taken steps to transform that dream into reality.

With an eye on the future, Unger and his parents decided that now was a good time to buy due to the First-time Home Buyers Tax Credit, which can potentially save a shopper up to $8,000.

“My parents were tired of paying rent to what they perceived to be slumlords,” said Unger.  “The rent money had been coming out of my college fund.  So rather than pay more rent from that money we chose to use it for a down payment so we could start renting ourselves.”

They plan to rent rooms within the home to create some income and also build credit under Devon’s name while paying off the home loan.

Unger was eventually deemed a reliable mortgage loan recipient but that process was the most challenging aspect of the purchase.

“Getting the loan was probably the most difficult thing,” Unger said.  “Because I don’t have a credit history, I was turned down by BB&T initially but Huntington Bank worked with me and was able to get me a loan.”

Although the process of buying a house may seem daunting to the average student, it may be a good choice in the long-term.  The initial investment may pay off if financial resources and a mortgage loan are attainable and it serves as an alternative to other ways of building credit.

But there are still issues to consider such as other rental opportunities and the responsibilities that come along with ownership.

Even with complex concerns of loans, credit and rent whirling around Unger, the first thing he will do after moving in is simple.

“Open the pool and go swimming,” Unger declared.

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