Simply put, the FHA loan program is not planned to be used for investment or rental properties. Separated and semi-detached homes, townhouses, rowhouses, and condos within FHA-approved condo projects are all qualified for FHA funding. Your front-end ratio (your home mortgage payment, HOA costs, real estate tax, home loan insurance, and homeowner's insurance coverage) needs to be less than 31% of your gross income.

Your back-end…

You 'd discover yourself in a position where you must repay the loan at a time when doing so might be impossible if you require an extended stay in a long-lasting center. A reverse home mortgage lending institution can foreclose and take your home if you stop working to repay the loan when you move out. how are adjustable rate mortgages calculated.

Another downside is the ongoing expenditure of keeping your home. You'll be required to stay up to date with your home's associated…