Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 4 years ago,

User Stats

4
Posts
1
Votes
Ryan Tetreault
  • New to Real Estate
  • Florida
1
Votes |
4
Posts

Change of getting accepted for an FHA loan out of college

Ryan Tetreault
  • New to Real Estate
  • Florida
Posted

Hey everyone, first post here on BP.

So, backstory for an insight on my question. I am a freshman in college right now, and I am applying for the SMART Scholarship for Service program (link), where I intend on house hacking in a fourplex immediately after college. With this program, I will be making around $25k stipend a year IN COLLEGE, and then be obligated (by contract) to work for three years for a Department of Defense facility. When I graduate college, I intend on having over $60k-70k available to buy a fourplex. 

My question, is that if I go to a lender to get an FHA loan, would they accept me given that I am contractual forced (used lightly) to work for a long period of time, given that I will have more than sufficient money for a down payment and great credit for a 3.5% down payment. If not, would raising the down payment or any other option help my chances of getting qualified?

If any needs clarification on my question or more knowledge about the program, I will be happy to answer.

NOTE: This is a hypothetical question, as I have not been accepted yet into the program. But if I do, this is the path I want to take barring any unforeseen circumstances.

Loading replies...