Thursday, September 30, 2010

Give credit where credit is due

Yesterday, after waiting almost 6 months, my husband closed on our very first home. It was a long, long, process and I never thought it was possible.

Back in March, my husband received a new job in a new city. Part of the job requirements was that our family reside in that city. At the time, the first time home buyer credit was still available until April 30, so we decided to try to buy a home. On April 8th, we walked in to the home that we decided we would like to be our home. It was a 1200 sq ft ranch, no garage, but a nice size hard so we could add on in the future. The best part, it was brand new. We wouldn't have to worry about having to pay for any major repairs in the first few years. That was a big plus for me. We signed a contract that day and the process began.

In order to receive the first time home buyer credit, we had to close by June 30th. No problem, right? Wrong! In May, the funding for the loan that we qualified for ran out. So, we waited and waited and waited. June 30th came and went. Our contract on our house expired and someone else made an offer on that house. I was extremely disappointed. I didn't think we could buy a house without that credit. I wanted the safety net of that credit.

We looked at other houses, even made an offer on one, but I was uneasy about it. One day in July, our Realtor called us and told us that the other offer on our house fell through. If we were to sign an extension on our original offer, we would still receive the first time home buyer credit as long as we closed on the house by September 30th. Again I thought, no problem, it is July after all.

A few things changed from the signing of the first contract and the signing of the extension on the contract. One major thing was that I had resigned from my job and come home to homeschool our children. The loss of that income made things a little more challenging. Luckily God sent us a mortgage lender who did not want to give up on us. She helped us through every step, above and beyond what I thought she would ever do.

Last Friday, our mortgage lender called to tell us that we were approved and to schedule our closing for Wednesday. After she told me we were approved, she asked me if I was excited. I didn't mean to disappoint her, but I wasn't. I didn't want to get excited until the keys were in my husband's hands. I had been excited too many time before and didn't want to get let down again. As we were going over the closing procedures, she told me the estimated amount of our closing costs. The amount was almost $1000 more than we had been told previous. My heart sank. I thought this was going to be another bump in our road and we will not get the house this time.

On Tuesday of this week, our mortgage lender called me with the final numbers. She told me that she had to lock us in at a different rate, a lower rate, and our house payment would be over $50 less per month. Our mortgage payment is now $250 less than we paid per month for rent. Then she told me that the closing costs were going to be over $1000 less than the amount she told me on Friday, which is less than the original amount we were told in the very beginning. I couldn't believe it! She told me that she called several people to double check the numbers, because she didn't think they were right. She then told me the sweetest words I could hear out of her mouth. "It must be God." She had no other explanation. How great is that!

We now have our first home. I never thought this day would come. All credit and glory goes to God! Without Him, absolutely nothing is possible.

No comments:

Post a Comment