We decided on a house today

iVillage Member
Registered: 04-21-2003
We decided on a house today
3
Thu, 10-28-2004 - 8:48pm
I'm not using the Celebration emoticon just yet. Shane looked at the last house on our list today and loved it. BUT, we have a situation. Since I have no income, it's his credit we are going on. His isn't good. Not at all. So his guy at the mortgage company set us up on a Buyer Assistance Program. Basically, our loan is based on the appraisal of the house. We must get the loan for 10% UNDER appraisal or it's a no-go. There are other ways to do things and Shane's guy will find a way to get us this house. We have faith.

If Shane had liked the house he looked at a couple of days ago, it may not have been such a big deal. Those people are DESPERATE to move because they got a job transfer. But he didn't like a couple of things about it and this house he saw today was beyond his expectations. He couldn't find a thing to pick on. And that's rare.

There are a few other loopholes we can get thru to get into the house. And the morgage peole know all the ways around tough situations. They just have to want to do it. Normally, they will not chance it if they don't know the person. Too risky. But this guy knows Shane well. He knows he will handle things.

The reason Shane's credit is poor is because his ex wife ran up a ton of charge accounts at stores and Shane took on all those at the divorce, plus the other things they had. He showed me emails from her pestering him about paying off stuff so she could do this or that. I asked him why he did that and he said he just didn't care at that point and was going to do whatever it took to make her happy. Now, who is suffering for it? Us. But we'll survive. I will get us back on track because I am good at making sure the priorities lie with bills before fun. I have a hard time convincing Shane that we need to not spend so much, but I'm slowly getting through to him. He has no control over me setting up bills to come out. It comes out and the money is gone. Period.

Good thing for us is that his truck payment stops in November, our fridge is paid off too and the mortgage will be less than our rent. So we can afford to put more down on things to get them paid down. So please send us good luck vibes because we are looking to know in a couple of days how this will unfold. I sure hope we get this house. It's so pretty.

Mel

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iVillage Member
Registered: 05-25-2004
Thu, 10-28-2004 - 9:05pm
Mel,

You sure have your head screwed on straight. Now is the time that your frugal ways and common sense pay off. I am sure he will appreciate you more after this because he will see the point in it.

You always seem to be stressed over the bills but you have made great strides to get the fridge and the truck paid off and to get a house instead of paying rent. Sometimes we all think that we struggle so hard until we look to see the chips that have fallen.

You have a big pile of chips - good progress!!

I know that closing on a mortgage, even with good credit and finances, can be very discouraging and frustrating at times. The paperwork can be mind boggling.

Good luck with your next goal!!


Edited 10/29/2004 5:47 am ET ET by west1745

iVillage Member
Registered: 04-21-2003
Fri, 10-29-2004 - 9:42am
Thanks! I've always been blessed with common sense, which can be difficult for the other people in my life, but eventually pays off. I am one to think far ahead. I see Shane's pay check and I begin to subtract all the bills we have to pay between now and the next check. I lok at what will be left and then try to estimate the next check to see what we will have. Usually I do this more when we have something coming up that will involve some spending. I try to make sure we will have it.

November is a big money month. Shane's birthday is the 26th, I have two doctor's appointments, and the 19th thru 21st, Shane's work is taking us all to New Orleans. Now we don't have to pay for hotel or anything, and his boss is paying for a huge banquet in all the manager's honor that Saturday night, but other than that, we need cash to buy food and entertainment.

So there are things we must have money for. But we'll survive. We always do.

Mel

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iVillage Member
Registered: 05-25-2004
Fri, 10-29-2004 - 12:08pm
I always admire your practical approach and your selfless dedication to your budget.

Did you ever think of becoming a financial planner or CFO? Or a book keeper for a small business?

You have a calling for this!!