Even though I have a stack of old credit issues to clean up, my husband and I have been in the process of buying a house for the last 3 months. We finally closed on the house last night and we are now officially homeowners! Our interest rate wasn't the best, but at least we aren't renting anymore. Anyway, I just had to share that.
Congratulations Turtle! My wife and I are looking to purchase as well. Mind if I ask what mortgage company you used, your down payment, and your FICO scores? I'm remiss to wait another 6 months, but would be encouraged depending on what others are experiencing. Thanks for your help!
Our FICO's are low, only hitting the mid to high 500's at their best right now. We didn't need a downpayment since we bought the house from my parent's and there was a mountain of equity in the house already that they 'gifted' to us at closing. I think our lender is the scum-of-the-earth and I don't suggest them to anyone but since they had the original loan and wouldn't release it to us without a heafty pre-payment penalty we basically had to use them. I hope that helps! Thanks for all the 'Congrats'. It does feel good...FINALLY!
Don't worry on the interest rate - even if is high - you are in the door - and what a GREAT THING for the parents to do - just great all around. arooo - dogman
