Can retirees qualify for FHA loans if they are buying a "new" house?

[Peregrine Took]

We sold our old house 3 years ago and 'would like to buy a house again but 'hate to subtract that big down payment chunk from our already dwindled nest egg.

If we could get an FHA loan and then use the $8,000.00 tax rebate (saying it gets extended, that is...) then we would be in a position to buy something and still keep our small nest egg afloat.

I would feel better owning a nice little house rather than renting and seeing that money drift out the window every month.

[quiller4]

1. Income is income to the FHA . Pension income is treated

the same way earnings from employment are. If your income is high enough to qualify and your credit score meets spec, then yes.

[Little Star]

2. I need help ( in simple language to understand this).

Anyone up to telling me what this means? Talk to me like I am only in grades one to six if you chose to explain it to me, cause I'm clueless. :think: