(Closed) ughhhh to pre-approval process

posted 6 years ago in Home
Post # 3
Member
10367 posts
Sugar Beekeeper
  • Wedding: September 2010

I didn’t even know that houses could cost only $30,000.

How much are you guys putting down? Roofs are really expensive, and on a house that price, there are bound to be surprises around every corner that will cause you to bleed money.

Even a house in middle america, say a $150,000 house, would need around $30,000 for a down payment. Which means that you could pay cash for the house you are looking at if you were able to pay for a normal house. The fact that you can’t do that leads me to think that you would likely not be in a position to make the house liveable, or that you aren’t educated about what kind of money that might actually take.

Either way, it’s not wholly surprising that the bank is kind of dancing around this!

Post # 4
Member
7312 posts
Busy Beekeeper
  • Wedding: October 2011 - Bed & Breakfast

I think it’s fine to inquire with a few other banks and see what they say, but I really do agree that “whatever is meant to be, will be”. Sometimes we want something so bad that we try to fit a square peg into a round hole. All that does is breed frustration. So if this doesn’t work out for you (and I really hope it will)… but if it doesn’t, it will be okay. At least you will know what you need to do (pay down more of his debt, increase your income, and increase your savings so that you have enough to qualify for a conventional loan) in order to help the process go smoothly the next time. good luck!

 

Crayfish- I know, right? $30k is only a third of our friggin downpayment! I can’t believe you can buy a house for that in some parts of the country. Crazy!

Post # 5
Member
1659 posts
Bumble bee
  • Wedding: July 2012

You can definitely shop around for preapproval, maybe even look into getting a personal loan for $30k and paying that off – then you could buy the house in cash and go from there. 

Our house is pretty old, built in 1949. It had been maintained, but we still had to put in $35k in improvements before we could move in. Walls needed to be insulated, floors needed to be leveled, and most rooms have new drywall now, too…that stuff will sneak up on you.

Post # 6
Member
2815 posts
Sugar bee
  • Wedding: March 2012

@crayfish:  Not every loan requires a downpayment.  

Unfortunately, with some government loans, they are very picky about the house.  Definitely check out multiple options.  Good luck to you and keep your chin up!

Post # 7
Member
5075 posts
Bee Keeper
  • Wedding: October 2012

@crayfish:  I didn’t even know that houses could cost only $30,000

sadly, they can cost even less.  Houses in our neighborhood are in the mid-twenties.  The house next door is $12,500.

Makes my stomach hurt just thinking about it.

Post # 9
Member
4693 posts
Honey bee
  • Wedding: October 2013

I just wanted to let you know I know how you feel about how annoying it is to hear the “if it’s meant to be” bullcrap.  Ok, great, thanks for that.  You know, because obviously that stops me from feeling stressed or disappointed or aggrivated.  Not, it makes me want to punch you in the face. Yell

 

Ahem, personal pet peeve.

Post # 10
Member
5978 posts
Bee Keeper

@MissBoPeep:  Agreed…it’s some of the worst advice. I know people are trying to make you feel better b/c they don’t know what to do or say, but I’d rather them just say nothing!

Post # 11
Member
4693 posts
Honey bee
  • Wedding: October 2013

@2PeasinaPod:  Exactly! Buying my condo was a total nightmare with obstacles at ever turn and all anyone had to say to me was, “Well, you know, if it’s meant to be it’ll happen.” No, actually, it won’t unless I deal with all of it and make it happen. Everything isn’t just going to magically resolve itself because “it’s meant to be.”

//End rant.

Post # 14
Member
13101 posts
Honey Beekeeper
  • Wedding: July 2010

@crayfish:  I agree.

OP – If your income / savings don’t allow you to put a decent chunk of that $30K price down in cash, I doubt you are really ready, financially, for home ownership.

Old homes come with a lot of maintenance costs and roofs (which you already said needs fixing) are REALLY expensive.  You need to have enough cashflow and savings to be able to support this maintanance which it sounds like you really don’t have right now.

Post # 16
Member
3059 posts
Sugar bee
  • Wedding: September 2011

@jatelynn:  Go for it!! Unfortunately FHA (which im assuming you are trying to go for) are tough loans when it comes to the condition of the house. You say you are in a good position for cash right now so take the $2,000 and pay the loan off and get that house girl!! If it turns out to be a mistake then you can say you’ve learned from your mistake. But some times we just have to find out for ourselves! When I bought my home I was in love with it, and I jumped in too quickly. Six months down the road, I hated it. I bought my home for $103,000 in 2009 which was really low at that time for my area, but it had no major defects just a few minor that we were able to fix as we go. Dont give up! Where there’s a will, there’s a way!! Good luck!

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