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Another FHA question?
I've spoken to the mortgage person at a RE office and he ran the numbers and I will have no problem getting an FHA mortgage. The kicker is the 3.5% down payment, which works out to $10K more or less.
If I borrow the money against my pension, which is a government pension that allows loans--if you retire before the loan is paid your pension is reduced somewhat--would that be looked upon as an invalid down payment?
Note that I borrow this type of loan once a year because the rate is so low and I wipe out any higher-interest credit cards, etc. I have at that time, so the monthly payment I have now would not change.
Thank you.
1 Answer
- 1 decade agoFavorite Answer
Be sure and tell your mortgage person where the down payment money is coming from. They will need the paperwork for the loan to count it against your debt ratio.
Source(s): In the mortgage business.
