I haven't posted about the house in a while. There is a reason for this. Everything is so up-in-the-air, I don't know what to think.
We had a "pre-approved" loan. They did the paperwork, and told us the amount that was pre-approved. That means, shop for a home in that price range, and it's yours, right? I guess not. After the fact, after we were assured that we were approved, they started asking for W2's, tax forms, etc. OoooKaaay, will provide.
Then, the guy called and said, we might have to put 5% down, instead of the 100% loan. Oh, sure, no problem. We'll just CRAP out that cash, thanks. We have been so upset. It's working out (thanks to some very thoughtful, trusting folks) but it's so tough. Then, the guy says that there's another company that might do the 100% thing.
Why the HELL didn't you check with them before forcing us to come up with 5%? Anyway, we should have heard about that yesterday, and as of today, the guy hasn't heard. The 5% down loan is a done deal, I guess. If we have to go that route (and it's doable) then the house is ours. It will also mean a lower interest rate, and earlier possibility of refinancing. Both good things. But borrowing for the 5% down will mean more payment. Bad thing.
If we'd done like my parents, and kept our credit spotless, we wouldn't be in this position, but we didn't. We entered this marriage with crappy credit, and it went downhill from there. We've spent two years trying to fix it, and we're getting there. I hate what we did with our finances, and wish I could erase it, but I can't. All I can do is move forward.
The bottom line is: The house is ours. We will close next Thursday. If things stay as they are, it's not optimal circumstances, but we'll be homeowners. If things change, we'll be happier, but the house is ours, either way. In 8 days, I'll hold the keys in my hand, and I'll cry with joy. I'll have to go to mom's to post the details, since it'll be a few days before internet is hooked up, but I'll let everyone know.
Until then, I'll keep posting mindless drivel made in Window's Movie Maker or Photoshop. Sorry, I can't keep rehashing the house deal. It worries me to tears.
3 comments:
Im sorry to hear of the frustration y'all are going through.. really sounds horrible .. but just so you know.. if one of you has better credit than the other.. they dont need to use both of your credits when applying for the loan regardless if you are married or not.. Well that is at least what Bank of America told me when I had enquired on that stuff in the past.. just thought you might like to know.. never hurts to have all the ducks lined up yeah? It could however be different in other states.. Im not sure..
I hope it all works out for you in the end! Take Care and cheer up! :) Melaney
http://journals.aol.com/domesticatedchic/SomethingLikeLifePartDeux
I went through the same BS when I bought this house. I will light a green candle for you right now -- which is considered lucky when it comes to money issues. Yeah -- it might sound dumb, but I figure your mom has the God prayers handled. Just trying to cover all the bases. Russ
Congradulations! Welcome to the joy and heartbreak of home ownership. I pray yours will be mostly joy. - Barbara
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