Buying a Rental Property as a Student — Can I get an FHA loan?

[Annalise Kingston]

I am looking to get pre-qualified for an FHA loan to buy a small house in the Portland, Maine area. However, I am about to start my masters degree and I am working as a nanny until I start, so I don't have a typical full-time job. Pretty soon, I will be a full-time student. I have excellent credit and I do have savings. Does anyone have recommendations as to where to look to get a loan with this criteria? Thanks!

[Mike Roy]

@Annalise Kingston - I recommend getting a couple of roommates and renting an apartment for now.  Keep those costs down until you complete your education and start producing income.  All a single family house is going to do for you at this point is create a huge financial obligation and possibly restrict your mobility.  And to do it when price/income ratios are reaching historic highs seems rather reckless.  

If you do pursue the FHA loan, please do report back and let us know if you get one. That would be a nice data point for us all! :) But seriously, don't do it!