(Closed) Anyone else having/had a hard time buying a house?

posted 7 years ago in Home
Post # 3
Member
4046 posts
Honey bee
  • Wedding: November 1999

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
Member
104 posts
Blushing bee
  • Wedding: March 2012

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
Member
1568 posts
Bumble bee
  • Wedding: September 2012

@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
Member
3618 posts
Sugar bee
  • Wedding: November 2011

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 # 8
Member
3943 posts
Honey bee

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
Member
400 posts
Helper bee
  • Wedding: March 2011

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
Member
1230 posts
Bumble bee
  • Wedding: August 2011

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 # 12
Member
1230 posts
Bumble bee
  • Wedding: August 2011

@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
Member
2584 posts
Sugar bee
  • Wedding: June 2012

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
Member
1137 posts
Bumble bee
  • Wedding: September 2010

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 # 16
Member
3943 posts
Honey bee

@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 🙂

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