Asked by Geshu, Jersey City, NJ • Fri Aug 22, 2008
I have signed a contract on a newly constructed condo and have been approved for FHA mortgage. however we were unable to close on the said date because condo is still in the process of getting the FHA approval. On the other hand, my rental lease will be up and I need to move out. The builder is offering to let us move in the condo for little or no rent while we wait for the condo project to be FHA approved. Has anyone heard of this? What consequences can this have? What issues I have to think about? Does ths sound too good to be true? I would greatly appreciate any advice.
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