So as I've mentioned, Mr Ft and I went through the process of submitting a loan application for pre-approval on the house we're considering (strongly considering).
I got a call from the mortgage originator last night shortly before heading over to the photographer appointment.
He told me that we definitely qualified for the loan amount, and that with $20k down, our payment would be roughly $838. He was basing that off a rough interest rate estimate.
So ... I called C, a realtor and he called the homeowner and set up an appointment for us to look at the house on Thursday.
Today I realized that the house is a for sale by owner, and that maybe I shouldn't have jumped the gun on calling C. Especially since C told me that the homeowner made it clear that the price was non-negotiable.
That sounded really strange to me. I talked to J again (loan originator) and he told me that the market had been pretty strong here for awhile, and houses have been selling for asking price +. So that might be why the homeowner said that.
He also gave me an updated estimate - with putting down only 10% (instead of 15%) using a NIFA loan, we could get 3.25% interest (paying PMA for 11 years) and our estimated payment would be $844.
(I asked him about doing just 10% so that we could have more liquid cash breathing room for moving costs, closing costs, setting up house, etc. It was a difference of about $30/month in the payment.)
I also asked him how high we could go ... he told me ... oh a couple hundred thousand. I just about choked. No way, no how!
The asking price on the house we're looking at is $128,500 which is more than enough for my blood.
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The long and short of it (ha ha) is that we could potentially become homeowners before we get married! (J was saying it could take anywhere from 30 - 45 days for the whole process.)
Faint.
Um ... Wow!
February 17th, 2016 at 12:50 am
February 17th, 2016 at 12:58 am 1455670688
February 17th, 2016 at 01:00 am 1455670809
February 17th, 2016 at 06:11 am 1455689488
How much is the PMA for 11 years? Any way to put down enough to not have to pay that?
And congratulations!
February 17th, 2016 at 07:00 am 1455692429
February 17th, 2016 at 01:28 pm 1455715709
Good luck!
February 17th, 2016 at 02:13 pm 1455718382
February 17th, 2016 at 02:31 pm 1455719490
February 17th, 2016 at 02:36 pm 1455719789
February 17th, 2016 at 05:13 pm 1455729219
February 18th, 2016 at 01:18 am 1455758280
VS - Yep, they'll be hectic alright!
CCF - I don't know yet how that's going to work. I really thought the home buying process took several months at least ...
Thanks CB - it does feel like it!
Thanks MM.
Thanks Ima - we'll have to get that figured out.
Thanks pjmama.