It would seem that door to us to build a new home is closing.
The loan we were told we qualify for, we now find out we don't. Rules have just recently changed, and due to our bankruptcy, we now have to have it discharged 3 years instead of 2.
We do qualify for different loan, but that requires:
1. 3.5% down
2. For us to pay PMI in our payment
With the original loan, neither of these things were an issue at all.
The PMI makes our payment sky rocket and thus the house un-afforadable.
The 3.5% down plus closing leaves us broke again. No thanks. And I don't know anyone willing to gift us $6,000 to put down on the house.
We could strip the house. But if we have to settle, I'd rather settle for a house I can move into ASAP and not in 4 months, and into an established neighborhood.
I am sadden by this news. So far, every day this week I have gotten bad news. I am afraid to see what tomorrow brings.