It seems that possibilities aren’t being as possible as they could… or something like that. I didn’t want to write anything about it until had some idea of what and how it’s all going to play out, but it appears that the Universe may be saying, not now.
I was attempting to buy a home. I had a mortgage approval, much to my surprise. I say surprise because years ago I had some financial troubles due to the loss of a job. These troubles stay on your credit report for seven years. However, I did get approval for a FHA loan (Federal Housing Authority).
The realtor I have been in contact with has been pushing me to get a loan from my credit union instead of FHA. So empowered with the FHA loan pre-approval I decided to apply. It took them a long time to come to a decision, but they did end up rejecting my application. Even though the troubles have been taken care of they won’t issue a loan until they drop from my report. Thankfully, this process will begin sometime next year.
After some moodiness and silent retreat into my head I decided that I would like to move forward with the FHA loan. I know it is a long shot because the age of the home I would like to buy. The home is solid, but it does a few problems that need to be addressed. I do know the owner is planning on having a new roof put on and he intends on addressing some of the rotted wood decking on the front porch. These are all positive things!
However, in my studies of the FHA requirements there is one thing, a simple thing that can kill the whole process and this is peeling paint. If a home dates 1978 or earlier there cannot be any peeling paint. I believe this has something to do with lead paint. The house does have some peeling paint on the outside. So I am assuming this may be a problem and I don’t think the owner has considered painting the house.
Currently, I am trying to get a new realtor or buyer’s agent because the one I have been working with simply doesn’t have her heart in dealing with the FHA. She also isn’t too keen on the lender I have decided to go with.
The house is amazing! It’s a 1914 Craftsman Bungalow and it has 4 bedrooms. It has plenty of garden space with room for chickens and bees. As well there is a separate small building out back that is a wired and heated workshop.
This blows the small house concept I have been attracted to right out of the water. However, I cannot go with a small home now that my mother will be staying with me during the warm months on a regular basis. As well, I decided my roommate and I should continue to live together because it makes things financially easier for both of us. She also knows the routine that Tabitha has with visiting the veterinary three days a week and if one of us needs to go to Florida to visit family someone will be home to take care of things. It simply works.
I am not sure where this will be going. It’s starting to get complicated and stressful. I am reminded on why I am so attracted to the small house movement and the ability to be mortgage free. However, I have not given up quite yet on the bungalow, but I do feel as if I am losing altitude.