Home Purchase Update

Author: Adam Turney
For those that are interested in following our adventure in purchasing a new home we will be providing periodic updates and will likely post pictures during the building phases. On Tuesday we put down a deposit to ensure that we could get the lot we wanted and this began the whole process of filling out paper work and applying for a home loan. We submitted most of our required documents but are waiting on some W-2's because we seemed to have misplaced ours from 2007. Once we get those we will be good on our documentation. The agent informed us we would likely be setting up a meeting this week to head into a studio to make any changes and upgrades to our home. Then we would meet again shortly after to finalize the changes to the home.

The loan processor called me Wednesday after school to discuss some of the loan application. Since Melissa isn't working much he said we would use only my income for the application process. While he went over our information he was enthusiastic about how easy it seems we will get the loan. He said our credit was amazing and that he wished his debt ratio was as low as ours (we are just paying off some Praxis exams). His confidence in our ability to get a loan and easily pay it off was incredibly comforting and reassuring. I had wondered what the loan process would be like, but the loan officer was incredibly helpful and answered any questions I had...although I still have some but that is fine. Even though he did not have all our paperwork he sent our application off to the loan underwriter and so we should be finding out about our loan shortly. Also, the interest rates are around 5% right now, so we will have an incredibly manageable monthly payment.

As I shared this with Melissa she was ecstatic and relieved to know that we are going to be able to do this. We cannot say positively that it will all go through, but the loan processor gave us hope and has helped our dream become more reality. Today we will meet with our agent and work on some more paperwork, setup our appointment to visit the studio, and just get everything rolling quicker. Again, if it all goes as planned we will be moving into a new home before Melissa has the baby (still haven't settled on a name) and we will be able to share our new home with our new baby. What an exciting year this is turning out to be.