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Thread: So I woke up on Saturday and bought a house.

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Posts: 1-10 of 208
2010-10-25 20:06:52
#1
So I woke up on Saturday and bought a house.
Totally unexpected purchase.

More details to come like specs on the home/loan/conditions/etc. This will probably be a project thread for the house. We'll see.

Super excited!

2010-10-25 20:09:52
#2
Congrats Ben
2010-10-25 20:54:22
#3
House specs:

3 bedrooms
1 bathroom
1,101 square feet (not including sun room, garage)
16,000 square feet (0.37 acres) lot size
Built in 1951
Detached 2-car garage

Pics to come.
Last edited by BenFenner on 2011-05-05 at 16-47-18.
2010-10-25 20:55:00
#4
Loan specs:

Current purchase price of $182,750
Current closing date of December 10th 2010

Loan application. Clicky.
2010-10-25 20:58:13
#5
We're trying for an 80-10-10 loan. We didn't pre-qualify since things happened so fast. We made an offer on the house after speaking to a few lenders and getting some quotes without running our credit. We chose BB&T for the lender and the broker told us he'd write us a letter saying we would definitely qualify if we needed it, but we did not technically pre-qualify for the loan.

We have a general inspector coming Wednesday to look at the house with us.
2010-10-25 21:03:48
#6
Originally Posted by BenFenner
House specs:

3 bedrooms
1 bathroom
1,101 square feet (not including mud room, sun room, garage)
16,000 square feet (0.37 acres) lot size
Built in 1951
Detached 2-car garage

Pics to come.


Pics to come, in 8-12 months!
2010-10-25 21:04:54
#7
We've filled out the loan application and got some real numbers back on the loan. We don't qualify for the 80-10-10 loan which is a huge bummer. It wasn't a net worth issue, it was a line of credit issue. Neither Katie nor I have 5 open lines of credit in our name (I think we each have 3 and student loans don't count) so because we are frugal and debt conscious we miss out on the sweet loan deal. =/

Also found out our credit scores. I know your report and scores should be known earlier but like I said things happened fast and we weren't too worried. I have 776 and let's just say Katie's is very similar (since I don't know if she'd like me giving it out on the Internet).

We also found out the 4.125% interest rate available on Friday is no longer available and rates jumped up over the weekend to 4.25%.

With the 80-10-10 loan we were looking at loan payments of about $1,026/month for the first couple years and then a drop to about $875/month after paying off a bit of the loan.

Now with the 90-10 loan and the new, higher interest rate we are looking at about $1,055/month basically.

So now we get to sit around wondering when we should lock in our interest rate. =/
2010-10-25 21:05:50
#8
Originally Posted by danmartin
Pics to come, in 8-12 months!
Yah yah!

I can link the ones from the website listing. They are total crap though. First house I ever saw that the pics on the listing make it look way worse/smaller than in person.
2010-10-25 21:58:49
#9
Great news , Ben. Let's hope the house won't follow the fate of your SE-R - getting you in trouble often (joking).
It is a big step and you should be more than happy . Especially for having a 2 car garage - more place to play.
2010-10-25 22:05:31
#10
Yes garage is really just a shell of a building but it is going to be awesome to have! =D
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