Been there done that-buying a home?

[BreezyWe]

Your probely reading this because you are in the midst of the crazines of buying a home. We started our jorney back in January 2012. With a 547 mid score (lenders pull) and a dream to own a peice of the american pie. 

Im here to say because of this community forum and being proactive that after years of trying to buy, but always a day late and a dollar to short we have finally over come all obstacles and able to buy a home for our family to grow up in. Im also thankfull that we were shunned out of the 2004-2009 market.. because as we look back on those same homes, they are well over 100k less than what we would of purchased them for.

That being said, We raised our score from a mid score from a 547 to a 726. Requesting PFD and having zero balance letters on current CC. 

Pre approval letter January 20 2012

Made offer on January 27 2012

pre approved short sale for 160,000 offered full asking price

TODAY- still have not heard from their bank!!! ( BA)

made another offer on a home ( listens to your wives please hubbys)

short sale ( pre approved at 170,000)

may 20th 2012 offer accepted at 179k with sellers paying closing cost 

sellers bank ( chase) accpeted our offer 5 days later.

Chase asked that we close within 30 days of acceptance letter ( May 30th) we agreed

apprisal issues!! June 22

Appraisal came in at $170K , sellers agent went physco and said to our realtor she should of just went with her cash offer but our cover letter convinced her to accept ours and she is upset...she told off our realtor and lenders who now will only talk to her by email and not phone because she is so crazy! ( just our luck right)

our lenders hired another appraisal company who also appraised it at $170..ahh we are freaking out. Sellers bank agreed to go down to $173. We came out of pocket an additinal $3000 on top of our 3.5% down payment. ( sucked our savings dry)

We close this Friday, Last day June 29th.

I never thought this day would come, We have been through Hell and high water just to get this far. Please keep hope, keep being proactive. Bug your lender, your realtor,creditor,collections. Early bird gets the worm. 

I live in Las Vegas so there is more of a market out here, 90% short sales ( which i will never ever buy again). Appraisals arent going through lateley..they rather appraise under than over to cover thier butts. When you think about buying a home, you think about under writing and getting a loan. Well that is just the first part.

I really hope there is a way to broadcast his forum more. Is has helped many of us buy a home. I cant remember all of the people whos paths and journeys i have folllowed into home ownership.. thinking i hope that one day its me, or man they are so lucky.  Okay I'm rambling...

Thanks for reading my saga story

[llecs]

Congrats! Whens the house-warming party?

[JusdoNit]

Almost there.  The race not to the swift, but to the one who endures to the end

[Anonymous]

Breezy.. I couldn't agree with you more!!!

I had thought 2yrs ago I would try to get "a piece of the American pie" but, when a broker told me that you had to have a score of 620 to get an FHA loan I thought that meant everywhere (no matter who you went thru) so we had continued renting... And even when starting the quest this time.. when that same broker told me that it had now changed to needing a score of 640 with the housing crash, I thought that meant everywhere.. It wasn't until reading journey's on these boards that I found out you could be required different scores at different loan company's... (Oh, and my husband of 6yrs, just happened to tell me out of conversation that there shouldn't be any reason he wouldn't qualify for a VA Loan.. Total shock to me, I never even knew he was in the military as long as he was.. So of course he had no clue where his DD214 was so I had to start getting my hands on that) I just told people the other day that someone really needs to write a "House Buying for Dummies" book...

I turn 40 years old 1 week from Saturday.. I had already lost hope that I would ever own a home... And to now sit back and reap the rewards... Absolutely a great feeling!