Our Home Buying Adventure, Part 2
progress update:
We offered 168.5K on the house, in writing, with a 5K ernest money check. Within a few hours, we had a response for 175K firm and no repairs. We already figured on the no repairs thing and haven’t seen much that would need repairs, just updates needed when we can find the money.
However, there is some concern about the financing we’re planning to use. It is a Maryland program that will give us the purchasing power we need to get up to 175K and an ideal interest rate (6% fixed with no points) and we can use a down payment/closing cost program to help offset the cash needed. The problem is that this loan program is known to be very picky about the properties and requires repairs. It looks like we may agree to do an amount of repairs within reason — I think we have to put a dollar amount on the within reason parameter but I can’t say what that should be.
So, tonight (hopefully) we meet with the loan officer to get the underwriting started. The partner is getting swamped with work and starting to feel very stressed with everything pulling at him from all directions. I’m trying to be supportive but I feel like all of my life is pulling me apart right now.