We went out and looked at some condos yesterday. We currently live in a 1 bedroom apartment. I know it must sound crazy looking for ways to get my name on a mortgage in this economy. I know my job isn't guaranteed, and I know I'm very lucky to be working at a company I may one day own.
The condo we have our hearts set on isn't too pricey, but it does require some FHA regulations since we don't have a big down payment saved up. We were banking on using the VA loan guarantee, but we found out yesterday that the VA was out of the question. Since my boyfriend and I aren't married, we could only use the VA if he was going on the mortgage alone. His salary is too low, and his credit score is too low. The VA allowed us to skip a down payment and to skip the mortgage insurance.
The condo we want happens to be discounted heavily because it's the only one remaining in a building that's already sold. In order to continue new construction, they want to make sure all the other buildings are 100% sold.
I don't know where we're coming up with this down payment money. I don't even have $1000 for the earnest check.
3 comments:
Good luck house hunting! Sometimes you can find townhouses for rent - that way you have more space, but don't have to pay a lot of money up front.
You need to update more often.
I'm with the most recent poster. Any luck with the house hunt?
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