I am in an awkward way. I have enough to put a down payment of 25-30% on a house. I have 70k in assets not counting things like my vehicle (stocks + bank accounts). I have a decent job (1 in 4 years, 2 in 5 with proof of not being fired), proof of internet bill pay, proof of rent payments, and other things needed for a pretty good alternative FICO. I also have a parent with a perfect FICO (near perfect of course), and a 90k+ income with a ton of assets and no debt. That person is willing to co-sign.
With mortgage rates shooting up in the next year, I would like to buy a condo. However, I only got my first credit cards in January. I lived with my parents in college and worked a part time (28 hour a week) job to for pay gas and insurance while having a full ride scholarship. I am looking to purchase by August. I have proof that I have been a perfect payer of any debt with no missed payments but am afraid that means nothing today. It is almost like being frugal and paying bills on time while maintaining a good budget is a bad thing. Is it still possible to qualify for an FHA loan? Is there a reason having proof of not needing credit counts against me? If I can get a loan, what will my rates look like?