Buying a house (unique situation)

I have an unique situation. I'm a DACA recipient with a great credit score, and a car on my credit history. Unfortunately, my income is only $15,000 a year due to me being a student. My parents were urging me to see if it's possible to buy a h0use for our family. Is it possible to do it in my case? They said they could put a $20-30k down payment. My brother also works and makes around $10k a year. Would him cosigning help? What kind of loan could we qualify for? Is it even worth trying?

We are currently renting and spending over $1k a month anyways. We wanted to see if a house is a good option.

A house is a very long term investment, You have to make sure you have responsible family members who are in a good financial standing, because if anything goes wrong its your credit on the line. Do your homework and think things through thoroughly. JMHO

The Bank will want to see financial solvency to buy a house. It'll be really difficult to get approved for a loan with a $15K/yr income even with cosigners. But it's not impossible. Have a talk with a loan officer at a bank, they'll guide you through and maybe get you a pre-approval.

But I did a little math to show you how much you may get if you qualify. Based off your income, the maximum amount you can spend (45% of monthly income) is $550 a month for a house (That has to include taxes, insurance, and interest). Which in reality would mean a ~$280-330 Principal which translates to a maximum loan amount of $45,300.

With $20-30K down payment that moves up to $70-80K house.

Couldnt have said it better myself.

Look into a FHA loan if conventional requires higher income. Also the cosigner will need just as good credit otherwise bank will go with the lower credit score of the two. finally, try direct lenders as well versus banks, they are more inclined to lend.

Also, location (price of house) matters big time. While this income may not suffice in New York, it may work in other states.

Good luck.

PS. make sure you get gift letters for the $$ for down payment.

Thanks, I know it's a super huge decision. Just testing the waters right now.
Gotcha. The income is the largest hurdle. My parents make enough to consider the option, but obviously without stubs/credit it would be hard for them. I'm just testing the waters. Wanted to see if anyone else had a similar situation. It's out of my reach for now I guess.

I'm in texas. Yeah I was intrigued with FHA loans because of the low required down payment. We could scrap enough up to make a good downpayment, but getting a loan would be difficult at this stage. I'm only a student after all. Thanks!

Rebumping this with additional info:

I'm in texas, and our family is currently looking into the price-range of about $150k. My family now makes more income due to owning a business, but past Tax records have my family income at around $28k. Could that plus my income of $15k, plus my brother's income of $10k, be considered for a loan? We can definitely afford it due to investments, and family support. Our income is more than our income on paper for now, we are about to file this year.

With a combined of $53k what could we consider? And would lenders even consider combined incomes?

When i wanted to buy a house here in cali, i was asked for 2 years on job, credit, salary and pay stub for proof of employment. Taxes that reflect same amount.
I make 15k (based on taxes) , credit was so so. So i qualified for around maybe 50k so i was told to get someone to co signed with me. I was told anyone who made minimum wage (9 $ an hour at that time) and okay credit would suffice for a loan around 150k.
The important part is what you can proof on paper, regardless of how many people will help you , you need proof on paper. I would suggest going with friends that are involved in loans or real state to help ya out. Aside from that a combined salary is how you get a higher costing house. So co signer will have to provide info as well and they will get another loan until you re financed and remove them from loan. Its a big responsibility so getting someone that can help that way is a bit hard atleast in my case.

My dad's, mine, and brothers combined income yearly is $53k. Would our combined incomes suffice? My dad has yearly tax documents that he filled out and filed with, and my brother and I have our returns for two years so far.

Our credit scores all hover around 740, and I'm currently paying off an $8k car loan.

Also, did you end up getting your house?

I was told that any cosigner that what's a loan need to have legit SSN, I tried but since my parents don't have that I could not qualify

Marley monster, your income should be good, a good loan officer will tell you exactly what monthly payment and cost of house you can get. The only issue I see is your car loan but you have cosigners so if anything the max amount of loan will be lowered compare to no current loans.
Ggalicia, yes unfortunately you need to provide proof that you can pay the house via "paper" , their requirements. As I'm in the same boat, I'm the only one with a legit ssn so regardless of not we can pay 1500 house can't qualifly on my own & getting a Co signer has been hard,