Wednesday, March 13, 2013

Homebuying: The Ultimate Grown Up Task

Between my school work and my day job, I am just slacking on my blog hustle.  You can still keep up with me on my Facebook Page

After all of my wok, duvet, and tea kettle purchasing, I am embarking on my largest purchase of all: a house.  Precious Lord take my hand is all I can say.  I thought I was over the biggest hurdle by getting a pre-approval, but I still have a long way to go.  After my divorce, my credit was a wreck.  I worked very diligently the last few years repairing it by paying off lingering debts.  I got all of that done, and I am still in "pay for delete" negotiations with one of my former creditors, but last month I FINALLY hit the 650 mark, which cleared me for my first ever FHA loan.  I am horrible with keeping records, and it turns out that the home buying process requires you to be able to account for your financial history for the last 2 years.  My loan is hanging in the balance due to my lack of sufficient income in the previous years.  Sure, I am making almost three times the amount I did at my former employer, but that is not consistent, so my ace in the hole is my 401(k) and my savings account.  Well this week I did something foolish, and moved money from my savings, thinking they were done verifying that information.  Wrong, wrong, wrong, WRONG.  I got a call from the realtor AND the bank asking what happened to my savings balance.  Guess what?  That savings was proof of my ability to pay, it vouched for me.  I let the bank know it would be back by Friday, and my realtor told me not to touch a dime of any money I put on the loan application because I could end up blowing this whole thing.  I think I had a heart attack at my desk.

On the house hunting front, it has been a bit better than I thought.  Initially, I thought that I would not be able to find a home in my price range with all of my must haves.  What are my must haves?  Garage, basement, stall shower, separate bathtub, kitchen island, walk in closet, fireplace, single family home. No short sales. I looked high and low, and my agent even suggested taking my search to Maryland, but I just don't know enough about Maryland to put roots down there.  So, while boo-hooing to J about not finding a place, I went on Long and Foster website, and there is was.  Three bedrooms, shower stall, separate bathtub, garage, basement, walk in closet, Two thousand two hundred and eighty square feet of lovely.  It was missing a few of my "must haves" but it was in the same area, in my price range, and the builder was throwing in a free room and closing cost assistance up to five thousand dollars.  I went last weekend to check it out along with a few other properties, and I think this is the one.  I stood in the Master bedroom and imagined my nights there.  I could see myself relaxing after a long day in my big bathtub, doing my make up, hogging up my two sink counter.  I looked out at the "just right" backyard and visualized my children playing, while I grilled and sipped margarita punch.  This would be our place.  Our home.  No leases, no more moving, stability.  So, keep me in prayer during this time.  My sister and a friend of mine had the LONGEST closings in history, and I watched them and prayed for that kind of patience when it was my turn.  I'll keep you all posted on the progress!

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