UPDATE: The Gloves R OFF!

Okay ladies... this is it! Round 3 for this home.


Quick Recap:



  1. Homepath Loan - didn't go through due to new credit (loan) recently made by co-borrower

  2. FHA - slam dunk approved but considering our liquid funds we decided to go with...

  3. 203k FHA -


Which is a grrreat program for foreclosed homes especially first timers.


A little about this program:


they allow up to 35k in rehabilitationS for a home such as:



  • repair/replace roof/gutter/downspout

  • repair/replace Heating and AC

  • repair/replace flooring

  • minor remodeling

  • replace windows/doors

  • painting

  • appliances

  • basement refinishing

  • weatherization

  • pool repair

  • and more....


PERFECT for us since Ramon and I were going to pay out of pocket for a few of the above mentioned items.


The catch is... the repairs get tacked onto our monthly mortgage. But on the upside, we get to pick the contractor which means if you have a family member who is a licensed contractor, the bid wont be as high as the usual contractor.


Here is on my to do list:



  1. Get an inspection

  2. Get a licensed contractor to give a bid on work that needs to be done

  3. Get an appraisal


Okay ladies, the gloves are off... going in FULL THROTTLE




SIDE NOTE:


It looks like #3 is my lucky number. Hopefully I'll luck out with this last loan 


My history with the number 3:



  1. This was our 3rd home offer

  2. It took us 3 different offers on this house before it got accepted

  3. Moving forward with our 3rd loan for this home

  4. and get this... our address is 3331 XXXXXXX XXXX


 

Posted on February 24, 2011 at 6:51 am
Jaryce21
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(7) Comments

Hawaii2010
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Hawaii2010

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Fingers crossed for you honey bunny!! 


Buying our first home in Santa Monica was... beyond brutal. It was an emotial rollercoaster where (it seemed) EVERYTHING went wrong. It didn't help that I felt like everyone we dealt with (from our realtor to our broker, to the banks) were all a bunch of idiots. 


That said- now that we are IN our new home (going on 5 months now), it's... amazing. The stress will all go away soon and it will be well worth it! 

Posted on February 24, 2011 at 7:07 am
daluvelynic
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daluvelynic

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lucky #3 this will go through and everything will workout perfectly!!

Posted on February 24, 2011 at 8:26 am
alisonandjake
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03/21/2009
alisonandjake

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#3 has to be it!!!! CROSSING MY FINGERS!!!!!!

Posted on February 24, 2011 at 9:03 am
HolyMolyMatrimony
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HolyMolyMatrimony

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GL x's 3!!!!!!!!
Posted on February 24, 2011 at 5:40 pm
Jaryce21
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Jaryce21

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wahoo! Thanks ladies! Totally feeling the love! =)

Posted on February 25, 2011 at 2:45 am
pinkgerbers
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That's cool!  Considering how strapped for cash I felt on my first home purchase, it would be totally worth it to tack on $35K to the mortgage - that's such an insignificant amount when it comes to the price of the home but allows you to do a TON to get the house going.  Good luck!

Posted on February 25, 2011 at 4:03 am
beccabride
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10/10/2010
beccabride

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I'm keeping my fingers crossed for you and I'm going to tell DH about this because he has already been preapproved and he is a first-time homebuyer.  Maybe they have some programs here in NJ.  Thanks for the info!!


I have a good feeling about this, especially with all the 3s.  DH's fav number is 3.  : )

Posted on February 28, 2011 at 5:09 am

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