Moving forward part 2

It's been about 2 days since I wrote that last blog about Daniel and I trying to buy a house. This has been the most stressful 2 days in my life.

I used to work prior to this with a CU in town with doing 2nd mortgages . I am fairly familiar with the process.

We currently have two lenders we are working with.

Lender A is trying for either an FHA loan or a USDA loan. They are different in that the FHA does 97% financing and the USDA does 100% financing. Both are eligible for 8k tax incentive.

Lender B is trying to do a FHA loan with Florida Assist. Florida Assist is a 2nd mortgage bond that is zero percent interest, non-amortizing second mortgage loans for 10k. Using Florida Assist makes us ineligible for the 8k tax incentive.


Both lenders are trying to talk over our heads and telling us to take different class(both costing money).Lender A's class is for the SHIP program with is the State of Florida down payment assistants that is given out at the local level. They are currently out of money for this year. Lender B's class is for the Florida Assist program.


Here are what I'm confused about:

Closing cost. I know that we can negotiate to have the seller pay for the closing cost. We may not have any room for negotiation the 4 townhouses we are looking at are short sales. But in this market we might be able to talk them into it. So we might not need money for closing at all.


I know that this process is long and not easy but it just seems like it's a lot harder than it should be.

So *sigh* just got to keep swimming....