HouseNoob

Gah. How can time be passing so slowly and so quickly at the same time? As of today we are 40 days from closing. We made the grown up and logical decision to close May 4th. Our lender was going to try to close for April 30th, which would have given Tony his 30 days of pay stubs, but there is NO way we are moving in one day, on a Monday no less, on which date I also have a test.  If we had stayed with a closing date of April 30th, we would have to pay May rent regardless, then our first mortgage payment would be June, which means no breaks. So by making the closing date May 4th, while we have to pay about $365 in interest, our first mortgage payment isn't due until July, which saves us $300. Plus, we would have both the house and the apartment for all of May, which means we could take our sweet time moving and fixing up the apartment before turning over the keys.  Another development which is a blessing but throws a bit of a wrench in my plans for the house, my sister may b...

Tony's new job is all set to go!! Unfortunately, they train people in groups, so Tony can't start any earlier. Which sucks for our finances and sucks for the closing but he has a job!! He is starting a week from tomorrow, and his first check at the new job will be in just under 3 weeks. Spoke to my lender last week, and he is going to start working on the paperwork for a new loan application this week. Unfortunately, we were unable to lock the previous interest rate, and the rate for FHA loans went up .75%. Waiting to hear what this means for our monthly payment. I also asked him to compare a different loan product we were previously looking at. Before, the interest rate difference between the two made the FHA the better product for us, but it did mean we had to bring a little about $1000 more to closing. But in the long run, in terms of monthly payments, it was much better. But now that the interest rate for the FHA loan has increased, we are comparing the two again to see i...

There is hope still. It took a couple of weeks, but Tony found another job, for the same pay, at another factory. Its actually for an employer who actually seems decent (much better than his previous job at least), pays double time on Sunday, has good benefits; Tony is really excited to start. If all goes well, he should be starting in less than 3 weeks the latest. So doing a worse case scenario time frame, this means his first check is 4/6, which means he would have 30 days of paystubs on 5/6. Which would put closing on or after 5/6. I really REALLY hate the thought of also having to pay May rent for our apartment but at this point I don't care. So say closing date of 5/10, which is quite possibly the worst thing ever, because my final for this trimester is on 5/31. Holy crunch time.  If the universe would bless us, which is doubtful, if he could start a week earlier, on 3/19, then his first check would be 3/30, which could potentially have us closing on 4/28 or so. Which wo...

Well. It happened. Or rather it didn't. It looks like this isn't going to happen. I *think* my heart is fairly broken. But, for the sake of my family, I am trying not to let it show or feel it. Plus I am busy, between school and work, I don't really have time to wallow in my grief. Ever since I found it that this probably wasn't moving forward I have refused to look at pictures of the house, and can barely spend time on Pinterest.  There is a teeny glimmer or hope, actually two potential pathways that this still might happen, but they are both fairly small. 1st pathway depends on the events that happen this coming week. I honestly don't really have my hopes up. If nothing pans out next week, then we are on to pathway #2, which I feel my real estate agent isn't too keen on, and I am almost inclined to reach out to the seller directly if we have to go that way.  It hurts to write about this, and as usual, I have a shit ton of homework and studying to go do, so...

Well really, according to a countdown site I have bookmarked, its 25 days and 4 hours. Can you tell I'm getting just a teensy bit antsy? I emailed the loan officer's assistant yesterday to see if there was anything else missing and a concern about some deposits (basically my paychecks) that a previous lender had me write a letter to explain. And I realize that I **did** basically gift Tony the $1000 already, because there was a check of mine he was supposed to send but kept back in December.  When she contacts me again I am also going to ask for more clarification on the timeline and if i still seems at all reasonable to close on 3/2. The appraisal will soon be ordered if it hasn't already, so at this point I think we are waiting for underwriting and a title search.  Also, on Friday, I scored a deal on some wall cabinets. I just so happened to be on Facebook when someone posted about a regular 2-door wall cabinet plus two short ones (like the ones that go over a fridge ...

I can't believe we are just 4 weeks out from closing! About a week or two ago we decided to switch loan products. Originally we were going to go with a conventional loan backed by PHFA (PA Housing something or other) to avoid having PMI (Private Mortgage Insurance), with the idea that this would result in a lower monthly payment than an FHA loan. Plus, we could avoid the dreaded FHA appraisal, which does more than just check the value of the home, it includes a mini-inspection to check for safety issues. However, the interest rate on the conventional loan was MUCH higher than the FHA loan. So although the FHA loan would require a little more money at closing (3.5% down payment vs 3%), our monthly payment sits at about $40 per month CHEAPER. This means a savings of $480 per year, which far outweighs any extra money we would pay at closing.  Our expected payment for mortgage, taxes, insurance and PMI would amount to $615. This is a $160 a month savings in what we pay for rent, wh...

I can't believe its already been 10 days since I have posted. School has been a whirlwind with 2 tests and a paper in that time frame with another test and paper in the next 10 days to boot. But, things are moving along nicely!!! Well sort of, there is one last thing we are holding our breath for.  Last weekend we completed the inspection. We found some stuff we weren't expecting, some small, some medium, some big deal.  Some stuff needs to get painted because of chipped/peeling paint, but we expected that. Thankfully it isn't much: 2 interior windows, the deck, and the shed in the backyard.  Cast iron waste pipe needs to be replaced. We weren't expecting that. The cost to replace it is more labor than anything, because it gets replaced with PVC. Not sure if the seller is planning to do this himself or hire this out.  Missing gutters. This is important to me because I/we can't DIY that. I mean maybe my dad could, but, eeeehh no thanks. Reason its important i...