|Posted by Tajanator on August 10, 2009 at 3:37 PM||
Cris and I are a-mid the housing situation.
I know that everyone has heard me over and over again about my house buying concerns. I am stressed because I really want to move into a home but I feel like we are being stopped at every direction.
We have been looking for a house since around February 2009. It is now August! We really thought we would have been in a home by now.
Lets recap the obstacles so far…
First we went to our banks who said we qualified for loans, but they wanted 10% – 20% down up front. As I am sure you have already calculated, 10% of a home that costs only $100,000 is already $10,000 down. Since our range was going to be closer to $130,000 for a house, we know that we could not raise enough for a down payment with out waiting another year or more to get a home.
When we found out we could go through the VA, we applied to CalVet and were given a pre-approval letter. Our real estate agent assured us that this was all we needed to begin to bid on homes, so we took his advise and put in our first bid on a cute house in Highland Knolls area. Then we found out ?mid bid- that the paper we had was only a Certificate of Eligibility. The real estate agent then had to refer us to a loan officer who got all of our paperwork together within just a couple of days with an actual loan Pre-Approval.
With a pre-approval in-hand, we put down about 5 bids in a few months time? all with denials.
We went through 4 more real estate agents, some of which I never want to do business with again and would NOT recommend them to anyone I liked.
We then got some advise to put down a hefty deposit on the bids we do ? as an incentive to pick us. $1000 or $2000 then had to be borrowed from a close relative for a large deposit on the next 5 bids? which still all came back with denials.
It is now August. We are currently mid-bidding on yet another home in a large list of many lost homes. Today, we got an email from our loan agent that the VA was rejecting our original eligibility because of a technicality. We went back to dig up our original Certificate of Eligibility and forwarded it over to our loan agent only to find out we were never eligible for the VA loan but have been eligible for a CalVet loan which is basically the same thing but requires more paperwork and more reports from the current home bid. They also require specific guidelines and life insurance? we just make the guidelines? but barely. We had no idea that CalVet and VA were not the same thing.
We are still waiting for someone to say yes to a bid we have offered. It has been a total of 6 months and counting?
To top all of that, the final break today was when our loan officer said she may not be able to handle the CalVet loan because her company may no longer be on the CalVet list. This woman is the only person through this whole process that is nice, patient, up front, honest, and quick to respond – during this whole process!! I really really don’t want to get used to a new loan agent this late in the game. It will be like starting over from the very beginning… like 6 months of this nightmare hasn’t even happened!! I could not deal with that very easily!!! I really hope that she can still help us.