So, we are waiting for the yes/no pre-qualification for a specific loan. It's called a USDA loan. Yes, like the beef. lol
To qualify for the loan, certain criteria must be met:
1. The payment must not exceed 26% of your income
2. You have to fall in the income requirements determined by how many people are in your family
3. You must not currently own your own home (we rent!)
4. The property being developed must be determined as them as "rural" and fall in their guidelines. They are wanting to help develop areas that need it.
We meet all the guidelines! However, it's guideline #4 that is hold us up. The address that the agent of the neighborhood gave them came back as un-qualified. =( Talk about your setbacks. However, when I went to their site:
I did some research.
I just clicked our state and then county. I looked at what was and was not eligible. This neighborhood comes off a "main" road so to speak. Not a highway, but you get the drift. Anyway...according to their site, everything on one half of this road is NOT eligible. Everything on the other half...yes the half this neighborhood is on, IS eligible. Crazy huh!? So did the lady just make up an addy and give it to her? Or did she give her a real one?
We are going to get them some more addy's for that street and see what happens. So, we wait. Our sales lady there won't be back in until next week I believe. My hubby left a message at the model for someone to call him so he could get other addresses. We'll see. (yes, we are in direct contact with the Loan officer person). So, is the website wrong (if so, so was the sales agent), or was their a mistake else where and it IS eligible? We wait to find out.
So this is where we are at the possibility of building. It's so frustrating! lol But, I am looking forward to looking at the 4 houses we have lined up for Friday. My real estate agent is AWESOME!!! And should this whole thing turn out to be that we do build, we'd need her help in writing the contracts. I totally trust this woman. =) She actually talked to me about this neighborhood! She is in it for the customer.
So, with baited breath.....we wait.
UPDATE: WOOHOO!! I did some research and found out what the hold up was!! I found the problem and the solution!!
The USDA's site doesn't have the neighborhood on it at all. Every address you enter come backs invalid. (That was even what the loan officer said she talked to my husband...it was an invalid address). Because the neighborhood doesn't exist, of course the street addy's won't exist and be invalid. They need the latitude and longitude of each property site. THOSE do come back valid (according to their site).
So now a phone call has been made for the sales rep to get in touch with the loan officer and give her the Lat. and Long. along with the addresses.
And again....we wait.