FHA Financing 3.5% down

[Daniel Allen]

Hello Everyone, 

I here all the time how people are obtaining FHA Financing, and getting only 3.5% down. My situation is below:

I am finishing up graduate school and my CPA exams at the moment. I will be done in roughly 3 months. I have a job lined up at a public accounting firm, so income will not be in question. Lenders have told me that my credit score is great for my age. They tell me that I will get approved as soon as I start my W-2 job, however I am looking to get approved now if possible with a co-signor. I am looking to purchase a 2-4 unit property, and occupy it (House Hacking). I spoke to my lender about my dad co-signing for me, and they came back stating that it wasn't possible to get approved with co-signor and still only have to put 3.5% down. They said I would have to put 25% down in that case, yet I hear about people here on Biggerpockets in my same scenario getting approved with a co-signor. Sure I could wait until I get my job, but opportunities come and go. I have a property that looks great on paper at the moment, so I want to get approved, so the realtor will show the property to me. I have enough to put 20% down plus more, however I am trying to avoid that to keep some reserves. Credit is not a problem. I have significant income for a graduate student on my tax returns for the past two years. I have a pretty significant amount in equity/debt investments for a graduate student. I am in the Charlotte, NC market. Any FHA lenders have any advice or have experienced a situation like this please respond. Looking for any advice you can give.

I just want to move forward, and get into my first 2-4 property before I start my job, which is starting in 7 to 8 months. Am I missing something? Thanks in advance for anyone who replies. 

Daniel Allen