College student trying to buy his first house!

[Patrick Crehan]

I’m a college student part time and I’m working full time. Currently I’m renting at $715 a month on my own (have been renting $715 a month for the past 4 years). I’m in school 9 credit hours, about to go to 12 (full time) next semester and working 40 hours a week. I get paid 11 dollars an hour. I do have student loans (but are deferred until I graduate) I have a great house offer at 100k that my girlfriends aunt wants to pass down to us and take over. At 100k I can’t pass that up (the house is in great shape and I want to use it as a rental property down the road) and I can’t keep spending $715 a month on this crap apartment that I live in. I am looking to do a joint mortgage for this property with my girlfriend.

extra tidbits: our credit is fine (around 700). Our combined monthly earnings is around $4K. We pay about $1000 combined bills a month. So combined 25% dti.

Question: for a $100k house, what should we have saved (fha loan)? What are lenders going to mostly look at in a situation like this?