I am working on my first deal and I have started working on getting a loan pre-approval. My concern is that I am currently a college student and my employment is based on co-op cycles within the college so I cannot provide 2 years of steady employment. I was planning to utilize an FHA loan to take advantage of the low down payment but I have hear the are more strict with the employment verification.
Has anyone had any experience getting loan approval / pre-approval with a similar employment situation? If so I would love to hear about your experience and what lender you used!
DTI would be the variable this hits and different lenders have different policies. I would visit a non-traditional mortgage originator to see what lenders he or she works with and what products they support without a DTI.
Credit score will have to be > 580 and cash position will have to be enough to cover the difference between 96.5% of appraised value and sale price, plus closing costs.