Still working on getting that first house! We signed a contract on our "first pick" today, Savannah Park Townhomes at Heathrow. Link to virtual tours, etc. is here: http://www.realtourvision.com/tour/BU/tour.view.new.php?utl=BU-9695-JG0FY9-01
After their preferred lender gave me a glowing pre-approval, I found out yesterday, after making an appointment to sign the contract today, that I was suddenly no longer approved. Apparently, the lender pulled my credit again and my Bank of America Visa payment showed a monthly payment that was higher by $66.00. This is because I use that card to pay our bills, then pay it down by that same amount at the end of the month (thus resulting in the accumulation of reward points). I made a very large payment on the 23rd, which did not post to the account until the 26th. The lender pulled my credit on the 23rd, so the balance shown didn't reflect the large payment. Now I have gone just about mad about how a $66 payment increase (which I've already taken care of paid down to BELOW the payment she saw originally on my credit report) could disqualify me. In the end, the builder assured me they work with other lenders and could find someone to qualify me. So I signed the contract with a 30 day financing contingency. I should have been really excited today, but I wasn't. They gave me a bag full of booklets and paperwork to go through, but I'm not even going to touch it. I don't want to get any more emotionally attached than I already am if it turns out I can't get qualified. I ran my front and back end numbers on this and truthfully, if I do qualify for it, it truly will be a miracle.
They break ground on "our" house next week. I'm still looking at other properties in the meantime. I am afraid I got my hopes up for nothing :(
Thursday, May 28, 2009
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2 comments:
Yo mamma say, "The good thing about this home purchase is that it is not your 'dream home' that you are buying. Yall are basically just trying to be good stewards of the money God has given you by purchasing instead of renting in an effort to eventually make money to help pay down student loans and such....so if you think of it that way, you might not get as stressed about the outcome. So enjoy the ride anyway even if it is bumpy because they always are!!!
I'm proud of you!!!
Hey there Grubb.. don't let it get you down. I can definitely relate to emotional rollercoaster that comes with home buying. It will all work out for the best in the end. Jen & I are thrilled that you guys are getting a place of your own after you helped us so much with getting ours. Let me know if there is anything we can do to help you guys out. =)
-Peter
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