Monday, June 6, 2011

Home Buying in the Burbs Part 3

So over the weekend we got final word that we are, in fact, going to have to put 5% down on the house. The loan we applied for was a 100% financing, but unfortunately they have some extra requirements when buying a condo (which our place technically is). The place has to be "warrantable" which means that the HOA has to meet certain requirements (so much money in reserve, one person can't own more than 10%, not more than 30% can be rentals, etc...). Our place ended up coming back as unwarrantable, so now we have to put a down payment down.

This is both good and bad. It's good because we are taking out a smaller loan and will have some equity in the house right away. It also means that our monthly payment will be *slightly* smaller. It sucks though, because that money was going to be our budget to buy all the new furniture and stuff I had wanted to get.

So basically, now we have to prioritize our purchase. We are definitely getting the bedroom furniture right away. And I fully intend to buy the bar stools and Sean really wants a new TV for his "man cave," which I have agreed to since we can get it from Best Buy and just make payments on it. So basically, I have to wait until the end of July to get a new sofa and anything else we may decide we want to replace.

Today we have our (hopefully) final inspection. We've already put out $375 in inspection fees, and today is going to be another $75. I know buying a house is expensive, but it really gets under my skin that we are spending money we shouldn't have to because the seller didn't fix stuff. Grrrrrrr. Anyways, after this we wait for the appraisal and, if all goes well, we should close soon. We are suppose to get our keys and be done by June 17th. We will see if that happens.

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