I am a first time home buyer and would like to get the FHA loan with a down payment assistance program. First I need to get the FHA loan. My problem is that I don't have a two year work history as I have been a college student for 3 years. This text is straight from the FHA website:
I've talked to several banks and loan specialists and most of them say I cannot qualify for the FHA loan because I don't have the minimum two year work history. I do have an excellent credit score of 758 and just started a job with a great salary. I called the FHA and I spoke with one of their representatives who told me that since I am a college student studying in the field of Business Administration, and I currently work as a restaurant manager that I can qualify for this loan. However, most banks and loan officers insist that I need the two year work history. I have found a few mortgage companies who said it might be possible but I wanted to get more opinions before I went through with this.FAQ: Can I use education or military service in lieu of employment?
FHA does not impose a minimum length of time a borrower must have held a position of employment to be eligible for a mortgage. However, the lender must verify the borrower's employment for the most recent two full years. If a borrower indicates he or she was in school or in the military during any of this time, the borrower must provide evidence supporting this claim, such as college transcripts or discharge papers.
Handbook 4155.1: 4.D.1.b
Also, if I don't qualify with my current situation, is it possible to add a co-signer who does have a 2-year work history but not so great credit?