First, we CANNOT get a home loan--even a small, 20K loan. Even though we could put as much as 80% down on a house and keep enough in savings to more than pay the monthly payments, the mortgage people have to count our student loans against us. With no income, our debt to income ratio is impossible to overcome. At first, my husband was ticked. We have pretty near perfect credit, are not looking to be extravagant, have chosen a career that will pay off these six years of school, and are super nice. Yet, it's not just a lender who is willing to look outside the box, it's that the lenders have their hands tied by regulations. The difference between what we can buy with cash and what we could buy with an extra 20-30 thousand dollars is at least one more bedroom and one more bathroom. It's a big deal for this growing family.
I, on the other hand, was a bit relieved. If I go into a restaurant and the host hands me a four page menu, I get overwhelmed and don't know what to choose. If someone tells me I have to choose chicken, then at least I only have to narrow down this one column. Now that I know our absolute limit, I can do the searching with a little more direction.
Here is where the next frustration rears it's ugly head. Our selection is either cute two bedroom, one bathroom cottages (without a basement to finish like our current home offered), or a double wide. Our family is getting too big (in numbers and the size of the people) to squash into these less-than-700-square-foot spaces. All of the legit options for us are foreclosures . . . in various states of disrepair. Here are pictures from a few:
I know, I know. You are all jealous of the mega quality and personality these homes offer. I had questions about one that was particularly promising, so I sent the realtor an email. This was the response.
The house unfortunately has been the victim of a century of deferred maintenance. The roof leaks, the exterior walls are bowing out, the floor joists in the kitchen are breaking, the foundation under the kitchen is either settling or crumbling but that is what is leading to the broken floor joists. There is serious water damage around all of the windows. The house is not connected to the sewer and yes there is a sewer assessment for about $5,000. The driveway is indeed part of the property. The breaker box has been upgraded but the wiring in the house is the original wiring. I have had a lot of contractors look at it and they all say the same thing that it would be cheaper to tear it down and build a new one then it would be to rehab this one. I hope that answers all of your questions. If you would like to see it or any other property please let me know.
Have a great day,
Those are about all the houses in the area. If my husband is willing to commute over one to two mountain passes, over an hour one way, then lots of things open up for us. ***sigh***
It will all work out, I know . . . somehow . . . right? After all, our realtor did send me this new listing today:
The Addams Family would be ALL over this one!