Friday, March 4, 2011

House Update 3-4

Big week in the house department this week!

We met with our mortgage broker on Tuesday morning. After putting all of the numbers in, for me alone (Dylan is the second borrower, not co-borrower since we are not married. He literally does not have a credit score. We looked him up and basically is spits back that they have no information, nothing has ever been pulled for him before, no debt, no nothing, super unusual obviously. Dylan also has no income (at the moment), so when I say alone, Dylan's name is on it, but really it's all me) I was initially about $13K off of what they want (45% or less) on my debt to income ratio, which is what the underwriters use to determine whether or not to approve you.

So when we left on Tuesday, we needed Dylan to find a job, any job, and make $13K a year before taxes, so not hard once you have a job. Our mortgage broker is such a sweetheart though, she went to ask a manager at the mortgage company to see if he had any job openings, but he is out of town this week. So she said she'd let us know. So nice!

So then on Wednesday, she called and emailed me and when I finally had a chance to get back to her, she told me she worked out a pre-approval within the price range we wanted. So we have an FHA loan, which puts us on a bit of a timeline since we will need to/want to have a house under contract by April15th. After that, the mortgage insurance amount increases by .25% (which is a lot over a $241K loan!) . That actually falls in with our timeline really well anyways. Our current lease is up May 31st, so we more or less need to start the closing process on a house by the middle to end of April so we can be closed an able to move in by then.

So hopefully we find "the" house. We really are looking for the house we want to live in for the next 20+ years, that we want to raise our family in. To us, it doesn't really make sense to have a starter house and I'm all about not moving again any time soon. If we don't find the right house, it will probably be back to the 'rents for a couple months, but I am pretty well determined :)

So we have 13 houses we are looking at on Sunday! We had a list of 20, but 7 of them are under contract/pending a second offer or something already, so apparently its a busy market. Can't wait to actually look at a home and be able to do something about it. Every time we go look at houses, we have found a house we could definitely picture ourselves in. So now we have to have an even more critical eye and start to make sure we really get everything we want. My guess is it will be at least this weekend and one other one of house looking before we actually get to the next step, but you never know!

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