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House Buying Stress, Continued - RonO's Ramblings

Feb. 21st, 2010 05:27 pm House Buying Stress, Continued

Some developments in the last day or so:

1: We've accepted the seller's counter offer, and are now in the 17 day contingency period which includes financing, inspections, etc.

2: We are getting massively conflicting information about the FHA's requirements. The mortgage brokers we'd been working with - who work out of the same offices of and are affiliated with our Realtor (actually they work out of a different office, but are part of the same family), and are affiliated with a very major corporation (Berkshire Hathaway) which has a pretty darn reputable CEO and leader (Warren Buffett) - are telling us that we are applying for a standard "FHA Forward" loan using the higher price limits due to San Diego county's housing costs. But, the other broker, who was recommended to us by the seller, is claiming that this is a "Jumbo" mortgage and is subject to higher credit limits. I know which one I trust to actually have the correct information. We are still officially working with both, but are very dependent on the seller giving our original brokers information needed to go to the FHA.

3: Hopefully on Thursday afternoon we'll get the home inspection done. This will, among other things, give me a chance to see how bad it will be if/when I have to drive home to this house. (I'm hoping that I'll be able to continue to take public transportation, just shifting from a train and a corporate provided shuttle to an express bus)

At this moment, I'm feeling moderately confident that we'll get this worked out, and we'll be home owners by the end of March, and be living in that home by the end of April.

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Comments:

From:mbcrui
Date:February 23rd, 2010 05:08 pm (UTC)
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YAY! Hope everything works out.