<prompt> Human: Hi all, thanks in advance for any insight you can provide. Some background - Im 20 years old living with my parents down south of Kansas City, MO. As far as finances go, I have a job working 30 hours week at 12 an hour and just under 3000 saved. The only debt I have is 4000 in student loans that I dont start paying back for a few more years. The house Im making an offer on is a foreclosure in remarkable condition - it is currently liveable and with 1-2000 in improvements it will be an excellent house. My bank has preapproved me for 70,000 in an FHA loan at 3.5 down at a fixed rate of 4.25 over 30 years.As for school, I am currently in four credit hours finishing up my final prerequisite classes before starting pharmacy school next fall. I dont need help reconsidering my position here - I understand that I will be putting myself under significant financial strain by moving out of my parents house and this is something I have made my mind up on. Ive been planning and putting this together since August, Id rather buy and rent some of the rooms than rent an apartment and pay somebody elses mortgage for four years while Im in school.What can I expect by making this change? Will I qualify for significant tax credits, or grants? Will my parents be losing significantly by not being able to claim me as a dependent any longer? Any insight is appreciated, Im sure some of you have gone through a similar situation in the past.  <response>: So you will deplete all of your savings to only put down 3.5 on a place that needs repairs almost equal to your current savings, all while having other outstanding debt? And even then, your mortgage payment will be just under 50 of your pay not even taking into account PMI, insurance, taxes, maintenance.Seriously, reconsider this this purchase. You are setting yourself up to be poor. 