So after sitting down with the first of 4 lenders that called back today... I had about the best possible convo.. I qualify for a program that pays for 30% of my purchase price ( yes your reading that right.. 30 percent of my purchase is paid for by a grant...yay for being alaska native) ... with a 200k purchase price cap.. so long story short.. a 200k house gets me a mortgage of 142k.. and with my (according to my loan officer) excellent credit and very responible use of all my revolving lines and payment history.. I walked out of lender #1s office with a pre approval for 300k without even a paystub provided.. ( in all fairness its my employers bank so they can see what i'm gettin paid
Update... so the first house we offered on didn't work out.. they countered my offer and wanted us to pay most of their closing costs... and no Internet .... available at all.. not even old school dial up....
br>Current score - eq 682(myfico) ex 703(ex 02) Tr 701 (tr 04) ck fako 66)
after the hypothetical mortgage she printed up.... a monthly payment of 650.. just 650.. payin 1350 for rent right now.. plus utilities.. in alaska lol...950 for a mortgage payment if i have them cover insurance and taxes...but id rather get miles for payin my own taxes and insurance 
i'm a bit nervous.. sounds way too good.. but after talking to the lady with grant office.. i squeak by just under the income limit for qualifying.. so hopefully i can update something in the months and weeks to come.. a picture of my new house keys hopefully..
@Anonymous wrote:
Be careful with such blanket preapprovals without them reviewing the nitty gritty..
I will.. the programs are all taylored to alaska natives.. and wether the programs work or not for me.. i apped 2 or so yrs ago.. and was pre qualled for 275k with a little more debt and little less income.. so i know the pre approval is solid... it is my employers bank so they know what i'm making.. if you google search Interior regional housing authority.. and look up the TEAM program.. ull see thats legit.. and i feel very confident with my pre approval.. based on my debt and income and my own research..
So I heard back from the other lenders.. All but one.. All pre approved in the 300 range.. As for first lender goes.. After providing income supporting papers... Said I was still good.. Only 2 of the 5 lenders work with the grant program I'm after.. I come under income by a smidge for a 5 person household... So everything is looking real good.. I've got 4 pre quals that are roughly 100k more than I can spend to qualify for said grant.. Just gotta get grant approval.. Should be a Friday or possibly Monday I hear back
We have found quite a few properties that fall right at 200k. One of the restrictions which isn't a bad restriction is the house has to have a 4 star energy rating to qualify.. Two of properties we really really like are newer construction with 5 star when built ratings. Both are decent sized 3 bed/1 bath.. definitley wish they had a garage.. But i can build a detached garage easy enough and heat it with a wood stove
Fantastic! What a wonderful opportunity you have for your new home!
Definitely take advantage of it - who wouldn't love a 30% equity gift???
Building a detached garage is much easier than expanding the house Have fun!
Wow so it's all falling in place!!! I'm so anxious.. I got word back from the housing ppl that I was approved for the TEAM grant!! I stumbled across a house the day we let our current realtor go. A work acquaintance is selling it.. Hasn't been lived in yet so since a complete remodel taken down to bare framing. We made an offer today!! So now the hurry up and wait haha..