Post # 1
We are. Yesterday, we were suppose to close on our house…it’s been a long, bumpy and emotional ride trying to buy a home.
Here’s some background:
We’ve been looking at houses for 2 years. We’ve seen hundreds.
House #1, we made an offer back in Feb. of 2009, counter offer was full price with closing…we were so excited that we just accepted. The inspection was terrible so we backed out. Which was for the best because it was so far from DH’s work, stores, hospital, etc. and we really didn’t have $30k to put into the house at the time since we were saving for the wedding.
House #2 was in a better location. We found it this past June and jumped on it. It was worthy enough to share on the bee (I had posted about it). Again, the seller was really firm on their asking price and only came down a little even though we knew it wasn’t worth that much. We caved and offered more than we thought was fair. The inspection report showed up that the house had been flooded by the upstairs bathroom. The seller offered to fix the problems. So we went with it (dumb) but when we went to the house to see the repairs, they weren’t up to our standards. At all. We brought in a second inspector and they found mold (which the first inspector didn’t find).
House #3. Our dream house, in a prime location. Again, we moved fast, there was no time to think. There were 3 other offers in and ours was accepted first. We’ve had nothing but problems with trying to get our loan.
We thought about going FHA when we offered but then saw the good faith estimate and wanted to change to a subsidized conventional loan so we could pay less in PMI.
- We weren’t approved for the subsidized conventional loan. My heart sank into my stomach because that was really our only optional (and less of a down payment). Also, our lending officer had made it sound like this was final and there would be no problem with us getting this loan.
- Our lending officer told us we were approved for FHA but we would need an extension to come up with funds. We asked the seller, they refused.
- Since the house is for sale by owner, our lending officer contacted the seller and convinced them to do a 5 day extension.
- Darling Husband got a surprise bonus and we no longer needed the extension so we were ready to go! It was all said and done. So we thought.
- Now the bank needs a 2nd appraisal and a 2nd inspection.
- Another extension until Tuesday of next week and the seller has to pay for the 2nd inspection…um, I’m pretty positive the sellers are fed up with us. I would be if all of this came up.
- I feel like I’m being investigated, I had to bring in reciepts from returning wedding gifts and some clothing from 2 months ago!
In the mean time, I know we love this house but all I can think about is that maybe all of this is fate. That we aren’t cut out to be homeowners. I can’t even explain how stressed this has made me EVERYTIME we go through this!
Has anyone else had a REALLY hard time getting their loan or buying?? I know this is probably common because of the downfall in 2008 but OY, I’m warn out!
Post # 3
We had a hard time buying. Mostly because we didn’t know what area we wanted, so we looked at hundreds of houses over two or three years. We finally narrowed it down to 4 houses and had a dickens of a time choosing! So I feel your pain, the loan process is a real bear.
Here the thing, owning a home isn’t all roses and candy. It’s ALOT of work. So the loan process has been terrible for you so far. It will be a relief when it goes through, but at the same time, it doesn’t end there! So far owning a home is somewhere between satisfying and stressful, time -consuming and expensive. Just think of a loan process as a trial, if you can make it through this, you can own a house. And that’s just the beginning 🙂
Post # 4
Oh my gosh I had the hardest time trying to buy a condo! No one wanted to lend a 22 yr old straight out of college a loan 🙁 Good luck with everything!
Post # 5
@Heatherloveskenny: I’m with you! We’re doing an FHA loan with the 203k rehab loan built in and its taking FOREVER! Our other mortgage looks like unicorns and rainbows compared to this! Between the estimates and appraisals I think the seller is more than ready to have it all done, as so are we. It is so frustrating. We were supposed to close 2 weeks ago except the estimate wasn’t finished. Then the appraisal took longer than I had ever seen. We got a two week extension but I don’t know how long the seller will wait. We’re supposed to close in 2 days and everything with the paperwork still isn’t finalized, ugh! We’ll see if it happens! We put the first offer on this house back in JUNE! And we didn’t have to provide so much inof with our last mortgage. Witht he FHA, they were questioning us about upgrading my cell phone $50 and signing a contract for another 2 years for $50/month haha. Two years of tax returns and sooo much paper work. What really toasts my cookies is that Fiance and I wanted to get the other mortgage refinanced since the mortgage is more than the house is worth now and we got denied! One because we pay always and on time and two because they won’t take into account any other bills, just how much you make and the mortagge! But when you get a mortgage they care about all the bills including the silly $50 cell phone upgrade!
Post # 6
We had a horrible time buying our house too. It took us over a year to finally get a house, and I have to say, it is the perfect house. We were the ones that kept getting outbid. But in the end, we are very happy with our house, we got the house at a very good price, and the location is perfect. So don’t worry, everything will come together if it’s meant to be =)
Post # 7
@kerensa: you scared me a little bit! I mean, I know owning a home isn’t going to be easy…but I feel like I need to take a class for what I’m about to get into. My parents always bought brand new house’s so that’s all I ever lived in (then apartments during college/with DH). I rented a house but of course we didn’t have to take care of anything.
@LKBride89: Thanks! Yeah I could only imagine if we had tried to do this whole process any earlier.
@nickels: JUNE? Oh man. That’s crazy. I really hope everything goes smoothely tomorrow! The amount of running back and forth to the loan officer, with crazy paper work is such a hassle. We have a savings jar where we put our wedding gift money and change that we’ve saved for about 4 years, we couldn’t use any of it because those funds couldn’t be explained (as if we are drug dealers or something!)
If I had to do this again, I would save up the 20% and go with a plain old conventional loan. The stress has made me really sick so I just hope this is done with soon.
@yellowshoe: Thanks! I sure hope it will. I’m happy that it worked out for it!!
Post # 8
We did an FHA loan and it was equally as horrible. We were lucky that the process wasn’t too long, about 5 or 6 months from start to close. But in that time we went through two real estate angents, and two mortgage brokers. We almost lost our dream home because of our horrible mortgage broker, and it got to the point that I was crying hysterically on the phone with him begging him to take care of our paperwork. I cried pretty much everyday and gained 10lbs. It was horrible.
BUT! Owning a house is amazing. Its a lot of work, constant money (even a move in read house, like ours was), and very stressful. But the accomplishment you feel is pretty awesome. Good luck!!
Post # 9
We had a hard time buying a house at first!
The first time not only was the VA being difficult my husband (we were boyfriend/girlfriend at the time.) Since he was still overseas they were giving him a hard time about him having an established residence in the US and we weren’t married so we couldn’t just say I was holding down the fort for him until he returned…I’m sure there would have been a solution if we tried harder.
Then, when we finally found a loan that worked for our situation and we found a house that we liked, the house was under witness protection so EVERY time we tried to get anything done as far as purchasing said house, it technically didn’t exist. After 7 months of waiting, missing out on first time home buyer, we gave up and moved on.
I’m glad we did move on because we ended up finding our little “dream home”. Great location, neighborhood, better condition than the previous house, and the sellers were so eager to sell the house we even got to haggle down the price. We had so much fun fixing up our house together and we love being homeowners now. (Except when stuff breaks…all at the same time…stop it!) It can be a very tough and exhausting journey to purchase a home, but I feel that it’s worth it in the end. (They can turn into little money pits though!)
Post # 10
It sounds like you did not get pre-approved for you loan BEFORE house hunting. If that is the case, it is a BIG mistake. Always make sure you know how much you can afford and are approved for before buying. We bought our house a year before marrying, and luckily it was a smooth process. I wish you luck, I know how emotional this process can be!
Post # 11
@Bostongrl25: I’ve gained a good 10 pounds too – luckily if we get this house, it’s next to a new running trail around a golf course/water. So hopefully that will make all the stress weight melt off. A good friend of mine also gained 15lbs when she bought her condo (FHA also).
Can you give me some examples of what you’ve had to put into your move-in-ready house? We’re figuring out expenses that will be needed right after we get the house, I know every house is different but I’m thinking I’m completely missing something. So far we can only think of blinds, a draining system in the backyard and a lawn mower.
Post # 12
@Bostongrl25: Yes the accomplishement you feel is like no other! It doesn’t matter if it’s a twin or a condo or a mansion! You are working together towards home ownership, and it is an AWESOME feeling! Things are tight, for now, but definitley well worth it!
Post # 13
Oh wow… now I’m getting scared of this process! We won’t be buying for a couple years but for some reason I still think about it, haha. We know a couple who just got married and bought a house, and they’re only 22, and the whole thing went really smoothly… I’m so jealous!
Post # 14
We had the worst time buying our house. I swear the numerous breakdowns I had took years off of my life. To complicate matters, Darling Husband had sold his house, and we decided to rent our new house from the sellers for a few months while we were waiting for the mortgage to close just so Darling Husband wouldn’t have to move his stuff twice. However, the sellers wanted it sold quickly, so if the mortgage didn’t go through, we would have been homeless.
The big issue was that Darling Husband was moving here from Canada, and since he had no US credit and no US income (he still works in Canada), the bank would only use me to finance. I owned my own home and also own a rental home. I decided to keep my old house as a rental house as well, and already had rented it out and had a signed 1-year lease. However, the bank would not take this lease into account because I had not yet filed a tax return claiming that rental income.
So basically to the bank, I was a single woman working a decent job with 1 full house payment and I was looking to buy another full house by myself. Even though in actuality, I had a Darling Husband who made double my salary AND I had my old house fully rented.
My grandfather said he would co-sign for us, but the bank wouldn’t allow it because his only “income” is social security even though he could have bought our house 10x over with his savings, but they would only take income into account.
I ended up having to find a Portfolio Lender who held all of their mortgages in-house instead of selling them to Fanny or Freddie. They were able to look at the complete picture instead of trying to fit into the standard mortgage calculations. We got a mortgage at 8% interest from them, but I was quickly able to refinance it once I filed my tax returns showing rental income from my old house.
Honestly, it was one of the most stressful, difficult situations I had ever dealt with. Every time we thought we had a solution, a new problem came up. But in the end, it was COMPLETELY worth it. We love our house and it is perfect for us. And the fact that we had to fight so hard for it made it even more sweet in the end.
Post # 15
@Carolyn72: No, we were pre-approved before house hunting, for much more than what we’re spending (almost 100k). Our loan officer made a mistake when saying we could get the subsidized conventional loan because it stated that our credit score had to be over 780. Even if we had $40,000 in our account – we couldn’t have gotten that loan.
@Mrs. Guinness: I’m happy you found a great house! I keep telling Darling Husband that the third time’s a charm…right?
Post # 16
@Heatherloveskenny: For us, it was mostly things that we didnt notice until we moved in. And the little things really add up. We had lived in a good size apartment for years so we had a lot of furniture (but 1.5 years later some rooms still arent totally furnished). We didn’t have a yard in our apartment so we needed everything-lawn mower,weedwacker,trimmer,brush,shovels,rakes,gloves….we moved in the spring so we needed that immediately. Plus we spurged on a patio set and grill so we could enjoy our deck.
We have slowly started painted the rooms and adding molding. Changed some light fixtures, door knobs (doesn’t seem like a big deal…but it does add up quick!). And about a week after moving in our sliding door broke, which was hundreds to fix.
Curtains and window treatments. We actually asked the sellers to leave theirs and they did. I didn’t love them, but we used them until we could replace each room. I never realized before that how expensive curtains are!!
The sellers also left the appliances. Which was great, because that can be a huge expense.
I know I am missing stuff. But hope that helps 🙂