First Rental --- FHA Loan

[Sam Weidig]

My friend and I currently juniors in college and were interested in purchasing our first rental property using an FHA loan. We would live their our senior year, while renting some of it out and then ultimately renting out the entire property after our senior year.

The problem is I haven't built any credit yet, and my friend has good credit, but a very short history. We also don't have a steady source of income, but both have adequate savings. If we were able to get co-borrow(s) that did not live in the home, but had a strong income and credit score, would we be able to secure a FHA loan?