As my readers already know, we had decided to take a break from the house hunting ordeal. We were approved for a FHA loan and decided that we wanted to wait to save for a bigger down payment instead of only 3.5% (and pay off a bank loan).
I’ve always heard of USDA loans and I’ve been told to look into it multiple times. I just never did. So, last weekend, I told Brandon to look into USDA loans (while I was at work). I called this morning to get approved. It’s completely based off of your credit score and the area the home is located. Lucky for us, the areas we love are USDA approved! 🙂 I haven’t heard back with an answer yet about a loan approval BUT did get a call because they needed my student loan monthly payment info.
I should hear back tomorrow and I don’t see it being a problem at all. I also looked today at my credit score and it went up again! Let’s just say I’m 49 points away from the “excellent” part of the scale (800-850). *ok I’m bragging just a tiny bit but I’m still humble i swear!!* My husband has been working on his credit score for the last 3 years and the loan officer told me that his score is fine too. Fingers crossed that we are approved!!
If we get approved then we won’t need a down payment at all. We will just have to deal with the possibility of paying for the closing costs. Most buyers can be talked into paying the closing costs so hopefully that works out for us as well haha. I can’t wait to get into a bigger home for many, many reasons.
Ideally, we want a detached home with a garage and a nice sized yard. Since I’m starting grad school in the fall, we decided that a townhouse would be ok for our first home. All of the homes that we truly love are a bit above our budget. Townhouses are updated, spacious, and less responsibility for now (ha! 🙂 ). We shall see what happens next.
Here’s to getting approved for the loan!