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Last year i decided to take a year and a half off to complete my 5 year education. I will be graduating with a Masters degree in May 2011 w/ a position starting in Jan 2011 at 45-50k annually. My husband also had a 1.5 years work gap with no documented work history but will have one year of work history by April 2011 at about 21k yr. I have a credit score of 749 and he has a score of 729. I know that FHA allows for a waiver of the 2 year work history for college graduates with a position in their degree field.However, is it possible to get denied because i meet this qualification but my spouse will not? I believe we really need both incomes and credit scores to qualify for the amount of home we want ($185-230k). buffer. Will this affect the APR we are able to qualify for? What about other loans like the 80/10/10? We have been renting now for 4 years at 1165/mo and would really like to get into our own house next year if possible. We have no debt except my student loans that will be coming up- I estimate about 600/mo max.
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In my opinion, FHA is the very best way to go.* You will have a Fixed Rate.* Your home will be FHA insured which is a BIG Plus, there are way too many benefits to name.* FHA provides a lower interest rate then others.* Please visit FHA FACTS* Remember, to take your time and make your desicion together.I wish you the best success ! !- Tina
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