I think you should go FHA."
Did you change your mind about your advice?
First, you should ask this as a separate question, rather than part of this thread.
Next, you may need to establish some job time before you will qualify for a mortgage. FHA only requires 3.5% down, but you'll need to have some savings beyond that as reserves. Once you start your job, talk to a mortgage loan officer at your new job to see if they offer any employee specials, what you may qualify for and how soon you'll qualify. That would be the best source of information for your specific situation.
You can either go with conventional or FHA, but I would avoid people that tell you to do one or the other without a thorough investigation of your specific situation.
I strongly urge you to work with a licensed California loan officer who has experience with both conventional and FHA. To check licensing, you may click here: http://www.nmlsconsumeraccess.org/
Keep in mind, loan underwriters are looking at these items:
Income to Debt Ratio
Good Luck and Happy House Hunting!
The only way to get approved or declined is to apply. You meet some basic criteria, down payment and credit score, but you'll also need secure job(s) or income from a reportable source and some reserves (savings left over after making the down payment).
My suggestion is to find a local mortgage broker, apply and discuss the programs available to you.
It's great that you have a good credit score. That is one of the many factors that will be considered when purchasing a home. The other factors will be your overall debt load and employment. One the surface you surely are a good candidate for a mortgage loan. You can qualify for a 3.5% down FHA loan, a 3% down Homepath, and also a 5% down conventional loan. They all have benefits but you'd need to speak with a mortgage professional and decide which would be best for you and your homebuying goals. Congratulations on your good credit scores and good luck in your home search. If there is any additional assistance I can provide to you feel free to call.
- Type of Financing you're considering, Conventional, VA, FHA.
- Your Income to Debt Ratio (DTI)
- Condition and appraised value of the property
I'm sure your Mortgage Rep and Realtor would be able to help confirm your qualifications.
Good luck with your transaction!