- Joined
- Aug 30, 2008
- Messages
- 6,891
- Points
- 83
My wife and I have been trying to purchase our first (and hopefully only) home.
but unfortunately, they make it damn near impossible to get a home loan!
We haven't even applied for a loan because we hit a dead end before we even get that far...
We wanted to buy a modular home, land, and have a basement poured to put it on. Then finish the basement myself and have a 3800 sq ft house on ~10 acres for less than $150,000.
So apparently we would of had to of gone with a construction loan, which requires 10% down. We don't have $15,000!
So we found out about the USDA loan. 100% financing, woo!
Too bad the house has to be on a permanent foundation (the basement) and pass inspection by USDA before they will approve the loan, and pay for it....
Obviously, nobody is going to let you take a house, or build a house on their land before you pay them.
It's SOO dumb.
We have good credit, but have ran into these dead ends before even being able to apply for a loan.
I'm not going to borrow money for a down payment either as I don't want an extra bill to pay back, and I'm not going to get a regular home loan and purchase some overpriced and old home.
I almost feel cheated. The finished home would be worth SO much more than it cost, and It's out of my reach. Why can't they just run our credit, say, "yup, you're pretty low risk" and give us the damn money?
This is the house we wanted, and will probably never get.
Facebook
I had seen it a year or two ago for $130,000.
Now they're trying to sell it for $69,000
It's on the dealer's lot. never been lived in. 1900 sq ft.
[/vent]
but unfortunately, they make it damn near impossible to get a home loan!
We haven't even applied for a loan because we hit a dead end before we even get that far...
We wanted to buy a modular home, land, and have a basement poured to put it on. Then finish the basement myself and have a 3800 sq ft house on ~10 acres for less than $150,000.
So apparently we would of had to of gone with a construction loan, which requires 10% down. We don't have $15,000!
So we found out about the USDA loan. 100% financing, woo!
Too bad the house has to be on a permanent foundation (the basement) and pass inspection by USDA before they will approve the loan, and pay for it....
Obviously, nobody is going to let you take a house, or build a house on their land before you pay them.
It's SOO dumb.
We have good credit, but have ran into these dead ends before even being able to apply for a loan.
I'm not going to borrow money for a down payment either as I don't want an extra bill to pay back, and I'm not going to get a regular home loan and purchase some overpriced and old home.
I almost feel cheated. The finished home would be worth SO much more than it cost, and It's out of my reach. Why can't they just run our credit, say, "yup, you're pretty low risk" and give us the damn money?
This is the house we wanted, and will probably never get.
I had seen it a year or two ago for $130,000.
Now they're trying to sell it for $69,000
It's on the dealer's lot. never been lived in. 1900 sq ft.
[/vent]
Last edited: