6 recent grad friends w/o credit but high/grwing income doing FHA

[Julius Dixon]

Hi,

Long time reader and first time poster here. I am a recent college grad who has super thankfully just begun a relatively high paying job. Alongside 5 other capable friends who are from my school and also in my general industry (think starting salaries in the 80-110k range with very high expenses due to our location), we are researching next steps in purchasing a rental property. We all graduated this past June, so we are all just beginning to build credit and save. A few questions - would it be possible to syndicate an FHA loan for 6 unrelated people who planned on living together as roommates? We planned on buying a 4-plex, but one of the units will ideally have 6 bedrooms so that we could all fit somewhat comfortably. Is this allowed under FHA guidelines? Also, it would be incredibly helpful to hear other's perspectives on credit insofar as borrowing for the loan is concerned. We will ideally make our purchase in one year, after our current one year leases have all expired (we each pay roughly $2000-2500 in rent each month if this is relevant), and our credit history will be from June of 2016- the date of purchase (this is actually for 3 of the 6 of us, as the others have more credit history). I believe that with the FHA, our downpayment would be 3.5%, but I am unsure of how interest rates will be calculated or if credit will be extended at all to us as we are young, even with our education and earning potential in mind. I'm definitely hoping to not have to depend on parents as guarantors or as funding sources. I'd love any advice on this situation, and I'd love to hear what your immediate thoughts might be on 6 recent college grads becoming roommates and business partners. I'm going to a bank tomorrow to run some of these questions past a business credit specialist, but I'd love to hear thoughts from you guys as well!

Thanks!