assets

[granny031350]

what assets does FHA consider?  I have very little.  Does a term life insurance policy count? (mine is 250,000) 

I am already retired so am living on my pension.  Will have ss in 3 more years to add to current pension income. (pension increases each year, guaranteed program in Michigan  for retired teachers.

I own my car, anything else that counts?

[Anonymous]

Typically 2-3 months Mortgage Payments (PITI) in a liquid asset.  Meaning 401K, Pension, Savings, etc...Something with cash value that you can get access to in case of hardship.

[DallasLoanGuy]

term has no cash value.... a whole life policy is acceptable because it has a cash value