cancel
Showing results for 
Search instead for 
Did you mean: 

Our home buying journey

tag
Anonymous
Not applicable

Our home buying journey

Hello,

This is my first time posting and I wanted to share our journey with you all. We are first time home buyers.  My family has been renting a 3 bedroom home for 14 years.  I was pregnant with outr last child when we moved in and we were only going to be here a year. Or at least that was our plan. Plans sure changed lol. 

 

Our scores started out very low when I first started the process of credit repair 3 years ago. The myFico community is a great tool and has helped tremendously. 

On March 8th we realized that we are absolutely done with renting. My husband talked me into applying for a mortgage. We found a realtor and a lender. 

Within an hour or so of applyng online the lender called us.  We met with him that evening and he told us to pick a number. I thought that was wacky and that it was his job to tell us what we could spend up to.

March 11th we toured a home and fell in love with it.  March 13th we put an offer in. This is a home that had several other people looking at it and I was told there were at least 3 other offers. They accepted our offer. The purchase contract is signed, inspection and appraisal are done.  The loan processor emailed me last week asking for additional bank statements and letters of explanation from two properties.  Both are vacant lots. Our last contact with the lender was Monday. I guess no news is good news, right? 

We came home this evening to a note on our door from a management company stating the landlord is raising the rent and placing the property under their care as he is a very busy man. We have never met him.  We have until April 15th to sign a 12 month lease. We have had only one lease and that was the first year of rental. If we do not sign the lease then we have to vacate the property by the end of May. 

If all goes well we will close on our new home on April 28th.  I am so nervous something will go wrong. It has gone so right so far. 

One lot I own has back taxes on it .  They are not up for foreclosure. There is no mortgage. Can this stop us from final approval?  I have a buyer for the lot and he has agreed to pay the back taxes. 

Thank you. 

Message 1 of 1
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.