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.
Wow ...so sad for your news but whoever told you there was a such loan with no money down AND no pmi was out of there mind! I wish there was a such loan! Things will all work out in the long run....they always do:)
ReplyDeleteThere is. It's called a USDA loan. The PMI is upfront, not in the payments. You have to meet very strict qualifications as does the property you are looking at.
ReplyDeleteWe were told we met them all. And we did...a few months ago. The bankruptcy rule changed from 2 to 3 years so now we are not eligible.
Just waiting for God to lead us to our next step. Because right now, we feel a bit lost.
Have you heard of the program OHFA? Google that and maybe mention it??
ReplyDelete