So, as my readers know, we had stopped house hunting for a good while. We are leaving this Saturday morning for Myrtle beach and decided we were going to wait to house hunt till after vacation. WELL, shit happens lol
We had found an amazing Condo at an AMAZING price at the end of June/beginning of July. We went and looked at it and planned on making the offer! We then got the call that the condo wasn’t USDA eligible!
BACK UP! I forgot to mention that we applied for a USDA loan (0% down) and we were pre-approved! USDA loans are based on credit scores, rural areas, and apparently (we didn’t realize this) has a cap on annual income as well.
There are only certain Condos in certain areas that are sometimes eligible for USDA. We ended up not being able to offer on that condo so it was ONCE AGAIN back to square one! We decided, yet again, to stop looking till AFTER vacation. WELL, shit happens lol!
I found another townhouse/condo at an amazing price. Literally around the corner from this one was another one at a great price as well! So, we scheduled a showing. When we showed up we only got to look at the one around the corner and not the one we truly wanted to see because our Realtor couldn’t get a hold of that seller’s realtor. Two days later (still no call back from the seller’s realtor about a showing) the price dropped $10,000 so we definitely NEEDED to look at this place!
Eventually, our Realtor was able to schedule a showing that next week. Luckily, our realtor works for the company that built this subdivision and it is USDA eligible (which we researched before even looking). We put in an offer to find out it is a short sale. Luckily (again), we didn’t have to wait long for the bank to approve the offer.
We went last friday to sign our mortgage papers. Exciting right!?
WRONG! 😦 This whole situation is a hot fricken mess! I had mentioned previously that our USDA loan has a cap on it…
We thought we made less than what we do annually. I’m not going to state how much we make annually but we aren’t allowed to make over $81,500 a year. Due to my husband working OT nonstop this year, we are well over that amount 😦 So we ran into a standstill with this loan. We also needed to print out EVERYTHING…I mean EVERYTHING! W2 statements for the last 2 years, tax returns, pay stubs for the last 2 months, bank statements for the last 30 days, college loans, car loans, home owners insurance (for the future property), etc. THEY SKIP THIS SHIT ON HOUSE HUNTERS AND PROPERTY VIRGINS!
There was one last thing we could do to try and still be approved for our loan. Brandon had to get his HR department to write a letter stating that OT will decrease drastically after the busy season and that this isn’t an all the time ordeal. Our loan officer also contacted the HR department and is getting documents showing a break down of how Brandon gets paid. If it weren’t for his Over Time we wouldn’t have this damn problem! Who knew…
I can’t get a house with this loan because WE MAKE TOO MUCH MONEY?!?! What kind of f***ing world are we living in 😉 haha
ANYWAY, wish us luck! We go tomorrow to drop off extra documents and his letter from HR so hopefully this will all be ok and all we have to do is have the appraisal and inspection.
If we are still unable to use our USDA loan we will just stop hunting completely and save our 20% down to go traditional!