Bluebird
Well-known member
So it begins.
Talking with the broker yesterday and getting all of our paperwork in order took about 45 minutes. She ran it all through her automated program and she said everything looked great. Actually, DarkKnight's mid mortgage credit score was 30 points higher than I had expected - even with the recent utilization hit. So that was surprising! She said we were qualified for WAY more than we need. I told her that there was no way we would use all that.
She asked how much we were paying now for rent, and she said if we want to stay there, then to tell our realtor to keep our max at $250,000. I told her we were looking at houses under $130,000. lol She was really nice. We spent some time going over the 203k loan specifications, and apparently she does them a lot, so she was quite knowledgeable. If we just do a straight FHA loan though, and don't do a rehab, we qualify for a $5,000 first time homebuyer downpayment assistance loan. Basically, the state of Maryland gives us $5,000 with zero interest and zero payments. The only requirement is that when we pay off the mortgage, we pay back the $5,000. So that was interesting. Not sure if we will utilize that or not. Anyway, things went well. All in all, a very positive interaction, and we are officially pre-qualified and pre-approved.
So, we looked at 5 houses yesterday and none of them really worked for us.
The 1787 house seriously makes me want to cry when I think about it. It was absolutely PERFECT except that we could dump $100,000 into it, and we'd still be upgrading after. It needs SO much work guys! PunkRock was totally on board, but DarkKnight was the sole voice of reason, telling us we were nuts. Oh, but it's the sort of house where you SHOULD be nuts. Sigh. Every single room would need all of the plaster taken down and drywall put up, new electric, an entirely new kitchen and both bathrooms need to be gutted. Some of the bedrooms upstairs are just framed out. The person that owns it estimates it needs $80,000 to make it livable, but I think that is just the start. Honestly, it is WAY more space than we need. I still love it lots though. DarkKnight has sense however, so we are moving on.
Here is a photo, since we decided against it.
The other house in a small town that we were thinking of putting a cat cafe in also needs a lot of work. The layout is strange, and we'd have to knock down some walls and expand the main bathroom a bit. We all liked it, but our realtor thinks we can do better at that price point. The three of us weren't falling over each other to buy it, so we're just going to keep it in our back pocket for now. We like it, but we're going to shop around a bit more before really considering it.
I am going out with the realtor by myself today, as both guys are at work. I was a little apprehensive about doing that, but they both say they trust me to have good judgement about crossing things off the list. Our realtor scheduled 2 houses at the top of our price range, and 1 actually over our top price, but that would work if we financed at a 30 year mortgage instead of a 15. I am not enthusiastic about that. I mean, we could afford it at 15, but not at an amount I want to contemplate. The idea is that we are going to cut our expenses by half, and at this amount we're looking at only lowering our housing cost by $500. She says she wants us to see what we could get. I am wiling to do that, but I am not thinking like I will be swayed much. We're still at the point where we are feeling each other out though, so we will see. After I spoke with her, I messaged her 4 other houses that I want to look at.
All of them are in our current area. I think the guys and I are in agreement that we are going to look at the nearby stuff first, before expanding westward.
At some point this morning I am supposed to be having a conversation with someone over at Shepherd, since DarkKnight and I are helping to judge a Lego robotics competition tomorrow in West Virginia. I wish we hadn't agreed to do it, as it will eat our entire day. It'll be lots of fun, I am sure, but right now I would rather be out looking at houses.
Talking with the broker yesterday and getting all of our paperwork in order took about 45 minutes. She ran it all through her automated program and she said everything looked great. Actually, DarkKnight's mid mortgage credit score was 30 points higher than I had expected - even with the recent utilization hit. So that was surprising! She said we were qualified for WAY more than we need. I told her that there was no way we would use all that.
So, we looked at 5 houses yesterday and none of them really worked for us.
The 1787 house seriously makes me want to cry when I think about it. It was absolutely PERFECT except that we could dump $100,000 into it, and we'd still be upgrading after. It needs SO much work guys! PunkRock was totally on board, but DarkKnight was the sole voice of reason, telling us we were nuts. Oh, but it's the sort of house where you SHOULD be nuts. Sigh. Every single room would need all of the plaster taken down and drywall put up, new electric, an entirely new kitchen and both bathrooms need to be gutted. Some of the bedrooms upstairs are just framed out. The person that owns it estimates it needs $80,000 to make it livable, but I think that is just the start. Honestly, it is WAY more space than we need. I still love it lots though. DarkKnight has sense however, so we are moving on.
Here is a photo, since we decided against it.
The other house in a small town that we were thinking of putting a cat cafe in also needs a lot of work. The layout is strange, and we'd have to knock down some walls and expand the main bathroom a bit. We all liked it, but our realtor thinks we can do better at that price point. The three of us weren't falling over each other to buy it, so we're just going to keep it in our back pocket for now. We like it, but we're going to shop around a bit more before really considering it.
I am going out with the realtor by myself today, as both guys are at work. I was a little apprehensive about doing that, but they both say they trust me to have good judgement about crossing things off the list. Our realtor scheduled 2 houses at the top of our price range, and 1 actually over our top price, but that would work if we financed at a 30 year mortgage instead of a 15. I am not enthusiastic about that. I mean, we could afford it at 15, but not at an amount I want to contemplate. The idea is that we are going to cut our expenses by half, and at this amount we're looking at only lowering our housing cost by $500. She says she wants us to see what we could get. I am wiling to do that, but I am not thinking like I will be swayed much. We're still at the point where we are feeling each other out though, so we will see. After I spoke with her, I messaged her 4 other houses that I want to look at.
All of them are in our current area. I think the guys and I are in agreement that we are going to look at the nearby stuff first, before expanding westward.
At some point this morning I am supposed to be having a conversation with someone over at Shepherd, since DarkKnight and I are helping to judge a Lego robotics competition tomorrow in West Virginia. I wish we hadn't agreed to do it, as it will eat our entire day. It'll be lots of fun, I am sure, but right now I would rather be out looking at houses.