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assets

Established Contributor

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?
2 REPLIES
Contributor

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

Re: assets

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