Hypothetical here -
An individual has $50,000 cash and is attending university.He is earning < $1,000/month. The housing market takes a major downturn and this individual wishes to purchase a unit costing anywhere from $100,000 -$ 200,000 putting about $15,000 down.
Will the bank give a mortgage to this individual?
Does it help that he has 30,000 in the bank or do they not consider this?
I'm assuming it matters whether the individual plans to live in the unit or not... to what extent and how does this matter ?
Could you get someone with larger assets to co-sign the mortgage?