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| FAQ’s |
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Borrower Requirements:
- Must be age 62 years or older.
- Must own your property.
- Live in your property as primary residence.
- Participate in a consumer information session with a
HUD-approved housing counseling agency.
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Mortgage Amount Based On:
- Age of the youngest borrower.
- Current interest rate.
- Lesser of the appraised value or the FHA mortgage limit.
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Financial Requirements:
- No income or credit qualifications are required of the
borrower.
- No repayment as long as the property is the primary
residence.
- Closing costs may be financed into the mortgage.
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Property Requirements:
- Single family home or 2-to 4-unit home with one unit
occupied by the borrower (which can also be FHA-approved
condominiums or manufactured homes and leased land).
- Meet FHA property standards and flood requirements.
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What types of homes are eligible?
Your home must be:
- A single family dwelling or a 2- to 4-unit property
that you own and occupy.
- Townhouses.
- Detached homes.
- Units in FHA-approved condominium projects.
- Manufactured homes built on or after June 15, 1976 that
have permanent foundations.
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