Post # 1
I am writing this in a attempt to get over it and move on but I’m so disapointed. FI and I decided to start looking into buying a house because he was “pre-approved” for a VA backed mortgage. We were so excited and looked at houses for months before we found the perfect one. And it was PERFECT! It had an amazing pool, great backyard, new kitchen! PLUS my commute to work everyday was going to go from 55+ minutes now, to just 20 minutes!
We put an offer in, it was excepted, inspections went great, the closing date was set for March 9th and we were over the moon. The last thing we were waiting on was the final loan approval. Then my FI got the call yesterday. They could not approve the loan. Our dream died.
My FI had purchased some property when he had retuned from Iraq, that had been foreclosed on after his divorce. The house was foreclosed in 2011 but it wasn’t processed until 2012 and you have to wait 3 years after a foreclosure to get another government backed loan! So now we have to wait until 2014. We can’t get a “traditional” mortgage because we are getting married 8/31/13 and can’t even dream of saving the money for a down payment (we only had to put down “good faith” money for the VA loan).
I’m so upset bees but the worse part is my FI. He is beyond upset. He feels like he can’t provide for me and all that macho stuff. Its hard because I want to cry and be depressed but I know that I have to be strong for him. It just feels like his past life is always coming and biting us on the behind.
The worse part is that he told me that the closing date had actually been moved up to next week and he kept it a secret because he was going to take me out to dinner and give me the key as a big surprise. I wanted that surprise SO BAD. Instead we went to te brewery and cried into our beers.
I know that when a door closes, a window opens and that next year we will find a better house but it just hurts. Now I have to find us somewhere to live for the next year and it is hard to find places that will let us rent because we have a dog bigger than 35lbs.
Thanks for reading.
Post # 3
I’m sorry! We’ve been in the same situation, we found our dream home, it was lovely! Pool, huge backyard, within our price range. We were pre-approved as well, and during the time between when we got pre-approved, and went to finalize, we paid off our car, and were no longer making payments so our credit actually DROPPED.
I was so upset. At the time I didn’t really understand how your credit can go DOWN for NOT having bills! Live and learn I guess.
I have since realized there are other homes out there that I love also, and I can deal with not having the first one we loved, we’ll eventually find another.
I wish you the best of luck!
Post # 4
@SaltLife22: Oh man, that’s so devastating. You were so far along in the process :(( I’m sorry.
Post # 5
- Wedding: October 2011 - Bed & Breakfast
I’m sorry that you are upset, but this is the best thing that could have happened to you. If you cannot save up for a downpayment, then you are in no way, shape, or form in the right financial place to buy a house. Get yourself to a place where you are able to save for things other than the wedding, build up a healthy emergency fund AND a healthy house fund (for dp, closing costs, remodeling costs, furniture costs… basically whatever you would need it for), and then start looking again.
Post # 6
@SaltLife22: *HUGS* Sorry this happened to you, but at least you still have a wonderful FI and a beautiful wedding to look forward to. Best of luck with the house hunt.
Post # 7
Oh dear, that’s so disappointing! But I wouldn’t take it too hard, after all, getting a loan these days is only slightly less complicated than building an atom collider….and even people with shiny credit get caught up on some random rule…the good news is, there are a lot of houses for rent, and if you’ve got a landlord that wants to sniff at your over 35lb dog…just remind him that good renters are hard to find AND serve as a deterent to burglars and vandals, plus it shows responsibility and maturity.
Post # 8
That really sucks. My H and I are looking for houses too so I can totally understand where you’re coming from. But I’m with @lovekiss:. Losing the house was probably for the best. If you can’t afford a downpayment, then you probably aren’t in a good financial position to buy a house. Enjoy your wedding and then start saving for a house. It’s annoying to have to wait, but you don’t end up with a house you can’t afford.
Post # 9
that sucks how disappointing. It’s probably for the best though. It’s nearly impossible to buy another house that quickly after a foreclosure (unless your buying in cash outright!) Were you aware that he had a foreclosed property?
Post # 10
Very disappointing. I wish you all the best for next year (and finding an even better home in which to share with FI). Keep being strong for FI and let him know it is ok and you will try again soon.
Post # 11
OH NO. I am SO sorry. You must be crushed. Hang in there!!! You have so many wonderful things going on in your life right now — try to focus on that. 🙂
Post # 12
It sounds like this was for the best. It seems like you guys needed a bit of a reality check if you were trying to purchase a home less than 2 years after a foreclosure. Definitely do your homework next time around to avoid losing the loan to preventable circumstances. Honestly, the bank did not do what they should have done when pre-spproving you. They clearly didn’t pay very close attention to your credit reports if they allowed the process to get that far. Or else they knew it wasn’t going to go through and just wanted the appraisal money.
Keep saving. Look again in a few years.