What is the lowest interest rate loan I could get that is common and easy to get?

when and if I graduate from college and get a job I should like to take out a loan to pay the down payment on a house so my father and I can get into a house and no longer have to live with his mother. My father cannot currently get a loan because he is unemployed and only gets $600/month from "retirement" and he also has bad credit. I myself see no reason why I should not have good credit if I wanted to apply, however I am unemployed and have no transportation from my college ( I can't afford the bus due to no income). So they would not give me the loan now since I have no income to pay it back. But if I wanted to get a loan when I graduate college/get a job, what would be the lowest income loan I could get that is very common? I want to make sure I am dealing with a reliable trusted company.

What is the lowest interest rate loan I could get that is common and easy to get?
Absolutely do not consider Kenneth Wallaces answer as valid. It sounds too much like a Nigerian 419 Advance Fee Fraud scam.





Everyone else who have highlighted FHA loans have very good answers. It is definately a good way to go for you once you graduate and become employed. Just make sure you gain employment in the field you majored.
Reply:Generaly you need a two-year employment history to qualify for FHA or FNMA low-interest loans. However if you graduate and get a job in your major, your time spent in school will count as work history.





For your current situation FHA is probably the best way to go. You MUST show income to qualify but that's about all you have to show. You will be able to use your father's income because FHA is NOT credit drivin. Currently you can buy a home under FHA guidelines with only 3% down.





The "HOUSE" is currently considering legeslation that will allow an FHA loan to finance up to 100% of the purchase price. Chances are that by the time you are ready to purchase this will become law.





Good luck. Don't rush. There are pleanty of rentals out there.
Reply:You can get an FHA low-down-payment loan for a house, FHA down payment is generally less than 5%.





Stay away from ARMs!!!!





You want a 30-year FIXED-RATE mortgage, ONLY!!!





There are low-interest loan programs for first-time buyers, a well-informed real estate agent can tell you about them- ONLY deal with a well-informed real estate agent.





There are also down-payment grants (don't have to be paid back) for first-time buyers. Hard to get.


Most mortgage underwriters won't approve a loan if the down payment is borrowed and has to be paid back.





Start saving your money now, unless you're a veteran you're going to need some cash ($2,000+) out of pocket regardless.