So within a couple weeks I found the bungalow. Its from the same era as the apartment building I've been in the last 4 years so it wasn't surprising that it felt like home right away. A happy perk was that it was in an older neighborhood making it eligible for funding from the Neighborhood Finance Corporation, and the house still had $10,000 in forgiveable renovation funds left on it....catch being that the financing has to go through them. As a self employed chick, my challenge then became scrounging up all the papers and documentation they require. Much more tedious than a big bank application. MUCH more. But it would be worth it, right?
Nope. My credit isn't awesome (though even the underwriter couldn't explain why, with only 2 late payments at all in the entire year of 2007). Despite great financial shape, paying rent at home and my business for 4 and 2 years resepctively on time every month and letters offering solid explanations for my 2 late payments, I was shot down. After THREE weeks of being asked for additional information, letters, signatures, appeals, being told the answer would come the next day and the next day and after the weekend and so on......three weeks wasted waiting for a resounding "NO".
So while I can go back to my own bank, I have another option which has been being looked at the last 3 days and what it comes down to now is that I *should* hear today on this one (which is way less % down up front, a good thing). My take on it is this.....the call comes today, I call my apartment building manager to give notice and get busy packing and picking paint colors, lining up help to move and get this ball rolling! Closing date is March 20th. Cutting it close.
Buying a house is not a happy time, is it?