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I will be graduating from college in December. I already have a job which will pay me around $35k. I don't have any debt, no car payments, nothing. My credit score is around 715, I believe, and I've never had any past dues or anything like that. I have about $3000 to my name. I read on the FHA's website that at least two years of employment is required to get an FHA loan, but then I read that the FHA 203b is good for recent college grads. Can anyone explain this difference? Is there any way I can get an FHA loan without the employment experience? Also, does anyone think there's a possibility I could get a conventional loan with a down payment of around 5%? Thanks.

sonjakracine · Joined: 24 Oct 2007 Posts: 77 15.05 Dollars($)

I would stick with FHA because of the work history issue. FHA will allow you to provide the offer letter from your employer, copy of your diploma and transcripts in lieu of work history, a conventional will not. Mortgage insurance premium is also less and so is down payment. A 203B is just another name for the loan. You are welcome to contact me if you have further questions, be happy to help.

gmakerley · Posted: Fri Oct 30, 2009 12:42 pm Post subject:

guest, i am in agreement with sonja. what you'll need to ensure yourself is that you have sufficient funds for down payment (3.5% of the purchase price). your $3000 won't go all that far, honestly. what you're going to want to do, if you can, is to seek seller assistance with the closing costs so that you won't have to come out of pocket for that. with fha loans, a seller can pay up to 6% of the purchase price in closing costs for your behalf. you can also use gift funds (from family, for instance) as part of your down payment monies.

fha is definitely the way to go, as a conventional loan with 5% down will still cost you extra due to a good but not great credit score, and you aren't allowed a gift as part of the down payment monies.

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College Grad- Do I Qualify For an FHA Loan?