We applied for a FHA mortgage and were preapproved. The only thing holding up our mortgage is my husband's school loan. He was forced to retire as the company downsized, and being in his late 50's nobody wants to hire him. So he called the loan people and explained his situation and they gave him a contingency loan. Being he is not working, he shows a zero balance for last year and will show a zero balance next year. FHA is asking for a letter of deferment to pass our mortgage as we explained to them that he is not deferred, but on the contingency loan. Can they deny our loan because of the contingency loan? Thanks
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