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Can retirees qualify for FHA loans if they are buying a "new" house?

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Peregrine Took Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-23-09 11:44 AM
Original message
Can retirees qualify for FHA loans if they are buying a "new" house?
We sold our old house 3 years ago and 'would like to buy a house again but 'hate to subtract that big down payment chunk from our already dwindled nest egg.

If we could get an FHA loan and then use the $8,000.00 tax rebate (saying it gets extended, that is...) then we would be in a position to buy something and still keep our small nest egg afloat.

I would feel better owning a nice little house rather than renting and seeing that money drift out the window every month.
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quiller4 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-23-09 11:52 AM
Response to Original message
1. Income is income to the FHA . Pension income is treated
the same way earnings from employment are. If your income is high enough to qualify and your credit score meets spec, then yes.
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Little Star Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-06-10 09:01 AM
Response to Original message
2. I need help ( in simple language to understand this).
Anyone up to telling me what this means? Talk to me like I am only in grades one to six if you chose to explain it to me, cause I'm clueless. :think:
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