FHA loan for college students?

[Ethan McRae]

I am a college student who is interested in purchasing a property to house hack with a friend. As of now, I have a job lined up for after graduation, I will start working in June and my friend is in the same situation and we would like to apply for loans together. 

I have two questions: 

1. How feasible is it to apply for a FHA loan when we haven't officially started work, and haven't graduated yet?

2. Would getting preapproved for a loan before graduation/starting work vs. after starting work somehow affect the rate we would get on the loan once we start making offers?

Many thanks! and any advice for someone in my situation is greatly appreciated