So Daniel are trying to be adults and buy our first home. We found a perfect townhouse in a perfect location. We went about everything correctly. Got a copy of our credit. Went and found a lender who was willing to work with us. We actually have two lenders working to get us into the house. Daniel makes enough with his salary alone and we have little debt. The place is a great value and even the lender says it's a good deal.
Now we are on to getting a realtor. Everything is positive.
Then there is the negative. The costing cost. As of Nov 2008, Former President Bush signed into law to make it illegal for the seller to help with the closing cost. Also gone are down payment assistance that used to be able to help with closing and down payments. So Daniel and I are are perfect borrowers. No debt, good income and good credit. Perfect townhouse. Perfect location. But we might not be able to get our house......all because of $2700.70 that is needed at closing.
It's so hard to be so close.
Since we just got married we both spent our savings on our wedding because we paid for it all (the wedding) in cash.
So I'm asking my few readers out there to pray for us and if your not religious send good thoughts and vibes towards us.
5 comments:
God I just pray right now for the Gambles - I pray that you send Daniel lots of cool DJ gigs that pay really well so that they can buy a house with a garage to store all their equipment and house a family as well...
Thanks God for being awesome and way cooler than us.
Amen
I don't know who you have been talking to but...
The seller is allowed to pay closing costs. A guy at Bank of America told me that he recommends making the seller pay your closing costs with the way the economy is. Also, there are SHIP loans given out by the government specifically for down payment help. Google Duval County SHIP Program and it should bring you their page. Finally, once you buy the house, there is an $8000 tax credit that is being given out for any first time home buyers this year.
Just FYI. Look into that stuff and see if you can't get some money back/off.
awe! I hope everything works out! I know how stressful it is to go through the whole buying a house thing and the closing costs definitely don't make the situation any easier... look on the bright side... with the market as crappy as it is, there's a good possibility that you guys could still save enough money for the closing cost before there is another offer made!
Thanks Erin, Brad and James.
Brad,
Daniel and I are set up for a SHIP class but they are all out of money for this year.
I guess I'm just thinking that this whole process isn't worth it. We are working with two different lenders and they both are saying different things about the same program. But neither is giving us any actual answers about anything.
Update to follow....
That sucks about the SHIP money. Good thing though, if you can wait a little while as save the downpayment you can still get the $8000 tax credit back. Which will be super cool.
Post a Comment