To begin, contrary to what all articles tell you to do, I had been moving around money pretty often prior to buying a house. This is not usually recommended because it can affect your eligibility of being approved. I made the choice to use all the money I had saved (about 7k) to purchase a 4wd vehicle for the winter because I was sick of driving my low to the ground car in the winter and getting stuck and, ugh!
I have always had pretty good credit, this began with my parents having good credit. BUT DON’T BE FOOLED! I had good credit, then it got run a bunch of times for me to buy stupid things and I charged way too much on my credit cards that I racked up quite the heafty bill and stressed myself beyond belief. To add to my situation, I also decided to plan a trip to Alaska for my mom’s 60th birthday, just her and I. The money I was going to get to help pay for this trip never came and there I was, left to pay everything on my own. Long story short, I came back from vacation with a second vehicle I just purchased in October, had $6800 charged on my credit cards and my savings was emptied. Quite the pickle.
I managed to work an insane amount of shifts and changed my tax returns on my paychecks, everyone does it! I also got my tax return which helped imensely and my school refund check (because I’m also paying for that out of pocket….forgot that part). Needless to say, being strapped for cash was a very real thing in those times. I had managed to pay off all of my debt and get back on my feet in approximately 2 months. Don’t be fooled. It was a very hard task seeing as I had no other help from anyone, this was all on my own.
Now that all my debt was taken care of I knew I was in good shape but I only had like 1500 saved. My life can never go the way I want. ever. So I found a house that Nick and I both fell in love with but it said it would be difficult to get bank financing due to the furnace being broken and very little negotiation from the seller. fantastic. I then contacted the professional in the field (my realtor) and asked her what they meant and so on, she then gave me the phone number for a mortgage consultant, I called her two days later and during that phone call I gave her all of my personal information and nick’s personal information. The hardest part of all of it (and this varies with every type of loan) is that they look at your work history for the past 2 years, this was difficult because the business which nick was employed at closed and he lost his job for about a month and a half. Luckily though, he never collected unemployment which helped us out! A few minutes later and BAM! the best news I have heard in forever, WE’RE PRE-APPROVED! As easy as a phone call! We made an appointment to meet with her a week from tomorrow so I will keep everyone updated on what happens with that. We are nervous because we are both so in love with this property and really want everything to work out. I have a little more information on the financing options and grants available for us I will update either tomorrow or the next day. This whole situation right now is just a dream and we haven’t even gotten anywhere with it yet!