<prompt> Human: My wife and I are currently both students. We rent at the moment but my Grandfather has suggested to start looking for houses as the market here is fairly low. He has offered to help with the down payment as a gift. I am just not sure its even possible right now, or if we could even qualify for a mortgage. Current monthly expenses:Rent - 625Internet - 75Phone - 35Food - 350Car Costsinsurance, gas, maintenance - 162Student loan interest payment - 100Other costs - 200Total - 1547Current student loan debt - 40kno other debt.My wife goes to school 5 days a week. Works 4 days a month at 15hr. I currently have no work. I graduate this semester and she has two years left. We are living off of her student loan. We get 22k a year from that for living expenses.We have 5k in savings. I found a foreclosed townhouse at 45k but it is not on the market yet. My realtor has had his lender send me a pre qualification sheet for a housing loan. When I see everything they wanted I just figured we would be turned down, so I am not even sure its worth trying. He said we might qualify for a FHA loan at 3 down. And has suggested some very nice houses at under a 100k.3 down on 80k is 2400 and estimated 588mo for mortgage payments. Even though we are living off of a loan at the moment, putting that money towards a mortgage that is less than our current Rent is a good idea? Thats what Ive been told. And we would probably be putting down more than 3 so the monthly payments would be less. But they want pay stubs from the last 30 days and bank statements from the last 60. Even if we got a co-signer or got approved somehow ourselves.. In my mind I feel that focusing on graduating myself this semester and then getting a job would be a better choice. My thought is, why am I even considering looking at a house when I am living off a loan? But at the advice and offer from my Grandfather I felt I should at least ask someone else. Thanks for reading!  <response>: The only one of you working, works 4 hours PER MONTH, and you rack up considerable additional student loans just to pay your bills, and you think that its time to buy a house? 