First step towards homeowners, again!

[Exodus_2pt0]

Yea no agents in either side, and we found a company that will prep all the paperwork for us. I know the current owners on a personal level, so this is literally a private party deal.

Talked to the loan officer today, and it looks like we are going to be good to go!

We have been looking at homes for 2 years now, and have gone down to see this place and feel in love. As far as pricing goes, I haven't seen anything comparable in the area for any less than 50k more than we are paying.

I'm not too concerned on the build of the home, if there are any issues the third party inspection should show. They did do a lot of work to it though, as they purchased it as a foreclosure back in 2012. I wish I had taken pictures when we went down, I'll see if I can get the owner to snap some for me.

This is the home I will be in when I retire in a little over 30 years. More than enough time to do additions or updates as we see fit. It's perfect for two hobbits like ourselves though. Huge yard, lake across the road, private cul-de-sac shared with 3 or 4 other houses and lots of room to stretch out and breath.

We made a mistake buying our first home back in 2010. We were young and let our real estate agent talk us into buying way out of budget, and it ended badly. Luckily, in may it will be 4 years since the foreclosure finalized, so we will be eligible for my Credit unions first time home buyer program. As of right now we are looking at 3.5% Apr, but won't be able to lock in the rate until 45 days before closure. That's fine though, because my credit is still steadily increasing as I get all my ducks in a row.

[Exodus_2pt0]

Well done. Home ownership is cool.

Hope the community around you and schools servicing your kids are just as great.

Nice garage too... lift?

Not yet, but the A-frame section of the garage definitely has the clearance for it. I asked him how thick the concrete was, he told.me after I buy it I can drill a hole and find out. Oh well, lots of options for lifts if it's not the required 4". (Iirc it's 4", been a while since I was involved in a lift install)

It does come with a hot tub though, included in cost because they don't feel like taking it with them. The deck was originally built partially around an above ground pool as well, so that's a cool option for the future if we go that route.

[Exodus_2pt0]

Well I might have to sell the S4 to get this place. Got a call back and due to our foreclosure (closed out 4 years ago), my credit union wants a detailed letter, 10% down, and even then it's a maybe.

That's for a conventional.

I'm working with Capital one now to see what they offer. as of right now we have about 5% down, but that still leaves me 10k short. Hopefully exploring the FHA route will yield results, unfortunately my Credit Union doesn't offer that.

One way or another we are going to get this house.

[Kershaw]

Have you talked to BB&T? They have their own version of an FHA loan and it's better in every way. 0% down too. I tried to get it for my house a few years ago but couldn't because things needed to be fixed and the seller wouldn't let me fix them. It was stupid shit too, like electrical switch covers and downed tree branches. Whatever. My realtor was able to call a friend and I got a conventional loan 2 weeks to closing, haha. That was an ordeal. Went from expecting to put down $0 to having to put out $12k in 2 weeks, that was not fun.

[naplesE30]

Depending on where you are the USDA also offers loans with little to nothing down if I remember correctly. Some small advice, dont put every penny you have to make the down payment. You need some liquidity. Otherwise, your only one unforseen event from history repeating itself. Also, buying a home really is a business transaction, and for most of us its the biggest buisness transaction we will have in our life. Dont let emotion dictate your decisions.

Congratulations and hope the transaction goes well.

[Exodus_2pt0]

So my Credit union appears to be coming through! Got my conditional approval letter, have to jump through a couple hoops but it's looking good!

Went down today and signed the sale agreement. Ball is rolling full force now!

[markseven]

Dude! Congratulations!!!

[flyboyx]

Boner!!!

[2mAn]

That property is big enough that eventually you could build a bigass house in front of the current one and that could be a spare/ rental. Out here things are slightly different. A modular sold in Malibu for FIVE MILLION lol Im sure its something special, but still thats so dumb

[Exodus_2pt0]

Yessir, the yard is ridiculous. First purchase when we move in will be one hell of a lawn mower.. 2.18 acres.

The house is actually a 3br/2ba modular, but it is very nice. The garage covers as much ground as the house, which is just how I like it.

[Matt-B]

Congrats duder

[lti_57]

Hey Congrtas
Little story, wife and i lived in a semi custom built home, that is the builder built 3 homes for his kids all nice California splits ( which I have come to hate). we thought we would get a home with a single floor before we fell down those steps.
We found a Manufactured home. 1.5 acre the house is not going anywhere.
In the 9 years we have lived there i have put a roof on and regular maint.
The house is strong quite. energy efficient. I would buy another in a heartbeat.
There are some down side insurance seems to be more. you say manufactured and people freak.
But , every thing is standard size, windows, doors, plumbing has poly pipe you can not hear water running. 2x6 outside construction.
Enjoy your Home make memories there , that's what it really boils down too.

[marshallnoise]

Hey Congrtas
Little story, wife and i lived in a semi custom built home, that is the builder built 3 homes for his kids all nice California splits ( which I have come to hate). we thought we would get a home with a single floor before we fell down those steps.
We found a Manufactured home. 1.5 acre the house is not going anywhere.
In the 9 years we have lived there i have put a roof on and regular maint.
The house is strong quite. energy efficient. I would buy another in a heartbeat.
There are some down side insurance seems to be more. you say manufactured and people freak.
But , every thing is standard size, windows, doors, plumbing has poly pipe you can not hear water running. 2x6 outside construction.
Enjoy your Home make memories there , that's what it really boils down too.

Yeah days of shit manufactured homes are gone. Most people confuse mobile with manufactured. My house is developer built and if it was manufactured, then it actually might have straight walls and stuff.

[jeffnhiscars]

A lot of credit unions do not offer 30yr fixed rates or extended locks so you may want to confirm those details. both Fannie and Freddie have a 4 year aging for foreclosure so if you are past that it should not be an issue as long as there is not a deficiency hanging around and you're credit has recovered.

[Exodus_2pt0]

Yup, 30 year fixed rate. My APR is slightly higher than I wanted, but it should come down when they re-run my credit before closing.

I had 2 collection accounts on the from my Workmans comp claim, both have been deleted from the record since my approval.

Also a few days ago I passed the 4 year mark since my Foreclosure finalized.

My Credit jumped twice since this approval, once when the BS collections were removed, and I think the 4 year mark had a large impact as well. I'm well into the 700's now.