Up and then Down, Up and then Down- roller coasters are supposed to be fun . . . so why am I not having fun? I always knew buying a house was difficult and stressful . . . so- I want to get all the advice I can for any of you out there.
So- we found the perfect house for us! And our offer was accepted at a really great, affordable price- UP UP and away! It is a manufactured home in a really good part of town, with a great ward, great schools, it was even on a cul-de sac so my kids could ride their bikes outside . . . the house needed a lot of minor maintenance and a lot of work in the yard (which we could TOTALLY do, with Jon's past experience)- but it is the perfect size for our family . . . We were so excited that things were working out so wonderfully. We put down our earnest money then . . .
The realtor and the banker started communicating, and come to find out the kind of loan we were pre-approved for doesn't work for manufactured homes. We were going to get a special "doctor" loan which means we didn't have to pay a down payment, and they made allowances for the fact that Jon hasn't started his employment yet- but will. The only other type of loan this bank could do for a manufactured home was an "FHA" loan, which we don't qualify for because we currently have no income, and Jon hasn't started his employment yet. I did a search online, and no other banks (that I could find) could help us. We can do a 3% down payment, but that's all- which cuts out most banks who require more. And the fact that Jon hasn't started his employment . . . Down Down Down we go. It is amazing to go from a super high, and then a few hours later a super low. I feel like we have looked at so many houses- and we found the same thing over and over, houses in our price range and large enough for our family, and not needing MAJOR work to be livable were in really bad neighborhoods. I worry about fining anything else that will work so well for us.
Jon and I received such spiritual confirmation that we are supposed to buy a house, and we did feel so good about this one- I guess I just need to have faith that it will work out. If this house doesn't, it isn't meant to be, and we WILL find a house that will fit our needs (like not being in a SCARY neighborhood!) and will work with the "doctor" loan. So, why am I still stressed out? Please pray for us- and please let me know if anyone has any advice!
11 months ago
5 comments:
I'm so sorry you are going through this! It WILL work out in the end, I just know it!
being that my husband is in the mortgage business...manufactured homes are hard to get approved for loans to begin with, no matter what the condition it's in, they are just tough. Mortgage loans are getting harder to get PERIOD! They ask for so many things and with the economy the way it is, it's not going to get any easier. I hope that you guys do find a place that you fall in love with and just feels like home. If it's meant to be your house, don't give up on it, have some faith that everything will work out the way it is supposed to. I'll keep you in my prayers and GOOD LUCK!
Oh Becky, I'm sorry for your disappointment. Buying (and selling) is SOOOOOOO STRESSFUL, but it will work out for you. Ya know, manufactured homes are really hard to sell, so it could be a blessing in disguise. Keep looking and you will find the perfect house for your growing little family!
I agree w/the two comments about the Manufactured Homes. It's very difficult to get a loan for them. Vince and I didn't qualify through a bank. We went through First Horizon Home Loans and qualified for a new program for First time home buyers. We didn't have any down payment and hardly any ernest $$. You just need to find the right loan that will work for you. Ask what kinds of homes it qualifies you for. I wish you the best. I went to Wapato w/my Mom this weekend and was thinking about you moving to Yakima. In Yakima it's a cute little town. My cousin is opening up flower shop right the post office in Yakima. Good luck and keep praying. The right house will come to you.
I am learning a lot about manufactured homes- I just wish I had knows that before we started looking for a house. We still feel really good about this one- so we are going to do our best to see if we can still get financing. Jon and I have talked about renting it to Medical students (the new medical school in Yakima is just down the road) after we are done living there- especially if it is hard to sell. Anyway- I have faith that it will work out the way it needs to. If we can't get this house- it wasn't meant to be and we will find something else that fits our needs. Thanks for everyone's advice!
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