Some of you know we put in a loan app with a credit union who didn't care about the B/K or the possible foreclosure (still trying to figure that one out). Well, our credit scores are good enough. BUT.... Other than our $2500 in credit cards we have (which are paid off), there is no real major credit since our bankruptcy. And a jump between $2500 and around $175,000 for the home is a major jump. We need a major credit purchase to establish higher credit.
Um.... We don't need anything else. We have cars. We don't need or want any more of those. We just need a house!! A home to raise my kids in. Our only other option with them would be to put 10% down on the house. We don't have that. We'd need another 10 grand. There is no way of getting that.
My husband has a base salary plus bonuses. He makes let's say btwn $60k and $80K year. They are worried about "what if he no longer gets those bonuses due to the questionable economy?" Never mind he is getting a promotion that will increase his yearly pay $10-20,000 a year. Really? We have made our rent, never late, this whole time. The mortgage payment would be LESS than the rent!! We were never late on our other mortgage either!! A roof over our heads is the first payment we make a month. It's the most important.
So it would seem, for now, we are stuck in neighborhood hell, with crappy neighbors and dangerous situations for at least another year.
My hubby is contacting a lawyer to find out wth happened with the b/k and foreclosure b.s. He believes there is a slim chance that all this could go through with our first FHA loan if we get the right answers. But that's more money tossed away. But we do need to know if we have to wait a year or 18 months. So we need the lawyer no matter what.
Either way, we are stuck for another year to 18 months. And when we do become "eligable" for a home loan, this Ryan community will no longer be an option for us. The prices right now are $20,000 lower than they will be once the last of these 12 lots sell. Then not only does the price jump $20k, but the lots get smaller too. It will no longer be a viable option for us. We will have to look at pre-existing homes.
I am crushed by this. I was sooooooo certain this was in the cards for us. I really was. At least through all of this, we did find where something was erroneously reported on my credit (and I still have a good score!) and we are working to get that fixed. That ticked me off. It will be fixed.
But if what we need to do is establish credit, how do we do that when we don't need a damn thing but a home!! I guess we take out a revolving line for $10,000 and just use it as needed maybe? (wonder if hubby is up to new couches for the den?) I don't know. I just know I'm heart broken to be staying here in this crappy house, in a crappy neighborhood, with crappy people.
How do I make it through the next 12-18 months?
I wish there was some kind of board I could go to, to make my case. Bring the documentation of the fights and bomb/meth house on my street, bring a letter from his boss about his promotion, and beg for this chance. Bring a letter from Ryan stating the great deal we are getting and would be able to sell the home in a year and at least break even if we had too. And just beg them to reconsider.
A home...bigger than this one for less money. And brand new. Built how we wanted. The perfect scenario. Lost. And as I type this, my machine is picking up and Guardian is leaving a message to make an appt to discuss the wiring and such for "our new home". Talk about salt in a wound. =/
I feel so lost right now.