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Updated over 4 years ago on . Most recent reply

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.

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