Recently moved form Indiana to Florida, the rent is $1500 on the rental that we are in...its killing us financially.
This is not really a tax question. In fact, I don't even consider it a legal question.
Whether or not it is possible for you to buy a home depends on whether you would qualify for a mortgage based on your financial circumstances/credit, and whether you have the funds necessary for any required down payment and closing costs. You also need to consider whether, once purchased, you can maintain the home. It is not just about the mortgage payment You will have to pay real estate taxes and insurance which will probably be escrowed by the bank and will added to the mortgage payment. Also, will there be condo or homeowner association fees? Repairs?
Home ownership can many time be rewarding and a good investment. However, it is a big step and all factors needs to be given serious consideration.
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The answer depends upon the income that you and your husband make. Even though you are a full-time student, I presume your husband makes income and you should be able to apply for a mortgage loan. I suggest that you speak with a good Savings and Loan or mortgage broker, showing your last 2 years tax returns to see how much of the house you qualify for.
Good luck in your housing hunt!
PS Before you sign a contract purchase a house please talk to a good local real estate attorney!
If you do not like this answer or disagree, please look at one of the other answers provided. It is not necessary for you to try prove this answer is "wrong" or something with which you do not agree. This is a free service for you based on limited facts. Nevertheless, many times you need to consult an attorney with the details to get actual advice specific to your concerns. Do not put too many details in your questions or comments because this makes the information public and could hurt you. Government Regulations contained in IRS Circular 230 regulate written communications about Federal tax matters, including e-mail, between us and our clients. This is another attempt by the government to limit your rights and to extend the control of government over individuals and businesses. Nevertheless, such communications are either opinions or other written communications. This is not an opinion. It is other written communication and was not written to be relied upon, by itself, to avoid any tax penalties. In order to receive assurances of protection from tax penalties from a written communication, you should get an opinion letter. If you would like to discuss an opinion letter relating to any matter, please contact me and I will explain what is involved and what it will cost.
If you are asking if it is possible for you to buy a home in your own name, without your husband, then legally, yes. Financially it would be highly unlikely that you would qualify for a home loan without income and with student debt. Either way, you can look for a bank to give you pre-approval for a loan amount. Some will even waive the processing fees.
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