Buying a house....

August 6, 2010

Well I looks as if The Most High might be leading us to a home of our own!  Out of the blue it seems we are being led to this ONE house and are now in the process of trying to buy it.  This is our first time ever buying a home, as we have had some credit issues in our past and never thought in a hundred years that we would ever qualify for the kind of loan one needs to purchase a house.  But as it turns out we are more than ready and it look's like we might even be able to buy our first house (here's a secret: if we get the house we want, than we will be buying our first and last house, Yah willing!)

So far we have gone to see the property with an agent who's name is Leo, he is a really nice man and I don't feel as though he is looking to take advantage of us in any way.  We have also contacted a Mortgage Specialist, Monica.  She is apparently a real life miracle worker ;) and has given me a list of items I need to bring her first business day of next week:

• The last 3 years Tax Returns (with the w-2's and 1099's), we cant find `07's return if you can even believe that *shrug* but Monica says no worries we can get a copy from he IRS... whew.
• The last 30 days worth of pay stubs.
• Our Bankruptcy papers from 6 years ago.
• 2 months of bank statements.
• My divorce papers from my first marriage.

Monica says that she needs all of this paperwork so that we can get an IHA/FHA loan, she also explained to me that if my credit score were 4 points higher I would qualify for the 0% down program..... GRRRR.  So be it, I should still qualify for the first time home buyer program and only have to put 3.5% down. 

Another good thing to know is that whomever gives those IHA/FHA loans allows for 'gifting' of the down payment, which means that  you can rally the family and friend pool to help with the down payment (for those of you who are not in possession of a few thousand dollars, but could easily afford the house payment) and the bank wont get all nervous.

So first of next week I will drive to her office with all our pertinent paperwork, minus `07's return :(  and hand them over and then I will continue to pray that if it is His will for us that we will get our house, and help provide us with the down payment we will need.

So, for anyone who is wanting to buy a home, do yourselves a favor and get all the paperwork I mentioned above together and get pre-approved or pre-qualified before you start looking, it saves a ton of time, and I really wish that we could have gone that route, as all I can do now is stress over the possibility of someone else putting in a bid before we can get all the pre-approval stuff done. Our agent Leo explained to us that the pre- qualification lasts for 90 days!  Pretty cool, huh?

Don't forget people that it is a buyers market, if this goes through we will get 4.25% interest!  That us soooo low.  And man are there tons homes available, you cant throw a rock in our neighborhood and not hit a foreclosure, I'm just sayin........


More to come.........

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