Reply
Established Contributor
Posts: 964
Registered: ‎12-04-2007
0

assets

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?
Contributor
Posts: 114
Registered: ‎04-21-2008
0

Re: assets

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.
Super Contributor
Posts: 6,624
Registered: ‎07-03-2007
0

Re: assets

term has no cash value.... a whole life policy is acceptable because it has a cash value
 
* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.