Recently, we were approved for an FHA loan . We placed aa bid on a house and finished up in a bidding war. Our offer was eventually accepted and later we found out.
Read the original post:
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Tags: condo, eventually-accepted, FHA, fha loan, FHA Loan Guidelines, HUD, relaxes, relaxes-some, tightens-others, were-approved
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The only other requirement the FHA ask of you, other than being 62 years of age or older, is that you have equity in your home and little debt or mortgage against it. There is no other restrictions, required credit ratings, level of income or any other assets needed. If you are approved for an FHA reverse mortgage loan you can receive your loan in one of three options. You can take it all in one lump payment, in monthly installments for a fixed term, or indefinite term as ...