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omg I qualified for a mortgage

post #1 of 23
Thread Starter 
I'm in shock.

Like from a reputable lender, too.

I'm self-employed, and while I make more now than I ever have before, as my lawyer said, "But hon, you don't hardly make any money." Apparently what makes the difference is that I've got no debt, either. No student loan, no car loan, no liens, nothing to speak of on credit cards.

I'm waiting to hear about the rate -- it's a normal conforming loan, so I'm guessing it'll be in the region of 5.5%. Soooo....gee, maybe I should look around and see if there's a different house I want to buy!

Totally in shock. I think I'll believe it when the closing's over. I may yet refi before the term given in my decree.
post #2 of 23
Congrats!!! I know the struggle of getting financed being self-employed. Enjoy it mama!
post #3 of 23
:
post #4 of 23
WOOOO!! CONGRATS! :
post #5 of 23
See, Obama is barely in office yet and the credit crisis is already starting to resolve itself...
post #6 of 23
Thread Starter 
Ha! It's Presidential Anticipation Power!

Seriously, I'm still stunned. And as if that weren't enough, I got an interview for a half-time university job with full benefits. (And I do mean full. The same health/dental I pay $500/mo for now, 10% employer cont. to retirement, the same top-flight disability my ex has been living off for the last 3 years (it still pays 15% of his old salary into his retirement!), tuition benefits, lots of local discounts, and the vacay time...omg, the vacation/holidays stack up to weeks right off the bat). The salary would more than keep us, and I'm guessing that the professional nature of the job would mean the hours are somewhat flexible. (Also that in reality I'd be working much more than 20h/wk, but when I chose.) As I was sitting there on the phone taking down the info the secy was giving me, I was debating whether or not to ask who was going to be doing the interviewing -- and then she just told me. (6 people! Yikes! One of whom I worked with last year on a conference, and now I regret somewhat having been Flaky Inaudible Creative Writer Woman Who Always Burst In Late at those meetings.)

The thing is that if I get it, great; if not, great. I already had plans for the next several months.

I did do a little house shopping and found one I immediately fell in love with. The sort of 1920s cottage I'd been looking for all along, 3 br, wood-burning fireplace, with a real upstairs and downstairs, in a neighborhood I love, with a great elementary school and lots of friends living on that street & the next, at a price I can afford if I can sell this place. I have a faint "money pit" alarm going off in my head -- there's no garage, I'm not sure about the basement, and it looks like the kind of place that engages academics in precious historically-correct home-improvement projects for years. I bet the wiring isn't so hot, either. (Roof? Furnace? Where does the floor sag? How close to the yes-it-will-flood creek? What are the utilities, with the thousand windows there? Must be dead easy to break into. That tree's arching over the roof in a way I don't like.)

But it has upstairs, downstairs, dormers, a real dining room, well-worn wood floors. It's a real house.

Well. I'll take a look at it, anyway.

edit: my God, I think it has a mud room. There's an entry, too, with the airlock-chamber doors and the coat closet. I bet there's a hat rack.
post #7 of 23
OMG I'm so excited for you! Congratulations!

And all houses have issues. You might as well enjoy what you see every morning....eating from your dining room. :-)
post #8 of 23
wood floors are awesome, especially those really old ones that last forever and only glow more every year.
post #9 of 23
Good for you! I wish I had no debt but I'm trying to change all that around this year!
post #10 of 23
Thread Starter 
I know, I have wood floor lust. I'd just finished putting in wood floors (myself!) in my old place when I moved into this place and got married, and I've wanted them ever since. I....

huh, I wonder what it'd cost to get recession-rates wood floors put in here, and what that'd do the resale. anyway --

Yeah. The kicker on the mortgage is that the rate actually beats the low refi rate we had before (!), and xh will have to come up with half the costs, cash. And, and, I'd misremembered the asset-division deal. I thought I'd have to pay him when I sold this place, but no, I don't need to do that until dd turns 18. So I can use the whole amount buying a new place.

Life is sweet. Even nicer? I took dd swimming today after school instead of to her daycare. She had a ball, really kicked up a storm for a half-hour, and I think we can probably do this weekly, which should help her slim down some. Now I'm off to get my workout.
post #11 of 23
WAY TO GO!!!!

Liberation and self-sufficiency. What great feelings!

Well done.

GL with the job opportunity. In this economy that would be fab!

M
post #12 of 23
Your stars are aligned GR! So glad to hear it
post #13 of 23
wow! awesome! :
post #14 of 23
Congrats!!!
post #15 of 23
congrats that is so awesome...
post #16 of 23
How fabulous!
That lends some hope to me too. I'm not self employed but I work a dinky job.
I'm tired of paying a mortgage payment for my rent every month.
So when you're done with that mortgage/house dust, sprinkle some my way.
post #17 of 23
Thread Starter 
Mama Daednu, if you don't have debt and housing prices are reasonable near you, go give it a shot. Worst that happens is they say no. The banker told me they look for a total debt:income ratio under 50%, including the mortgage payment.
post #18 of 23
Thread Starter 
Well, I went to see the adorable cottage....

and man, what a dump. It made me grateful for the place I've got. Really, it looked like badly neglected student housing, and structurally it just didn't have a good feel at all. Decades' worth of cheap, badly-done repairs and workarounds; fashion-victim plaster and vinyl; even the wood floors would've needed considerable TLC (and a reframe for the house) to get them into decent shape. The realtor couldn't get most of the doors open or shut.

I've still got an eye out for a decent place, but it was a good reality check for what a decent older place would actually cost around here. It's just sinking in that people really do buy houses on the basis of cute, and don't stop much to think about them as systems, then find they've got $12K worth of repairs to make. My house? Not cute. It's new, it's soulless construction, it's drywall, neutral carpet. But it works pretty well. I'm guessing I could, for less money, do a lot of work on the inside (old-plank wood floors, nicer doors and molding, stair riser tiles, etc.) and garden, and wait for the trees to grow. Just have to keep fingers crossed about the neighborhood, but that'd be true anywhere.
post #19 of 23
gr - how does that work in your asset division deal? You can sell your house and put all that into a new place but have to come up with half of the original sale by the time DD is 18? Or is gets half of your new place when it sells? Confused here.

Question about that too - my agreement gives him half of proceeds when the house sells but he pays half of all repairs to home while I'm in it. My question is what if I pay off this house myself in 10 years or something (we owned together for 6 years)? Like completely myself. And then sell it 10 years later - would I still owe him half of it? That doesn't seem right to me and I'm wondering if a lawyer could fight it 20 years from now or something. Or is there any way to ammend the agreement once it's signed?

Ours is not signed yet and I'm wondering it it's worth the extra cost to clarify this in the agreement. It would probably cost me several hundred dollars to have the change made at this point. Or should I just stick to the original agreement which was made with me thinking that I would probably sell this place and move within 2-5 years or so, but that was before the real estate market tanked so badly.
post #20 of 23
Thread Starter 
Quote:
Originally Posted by hkitty View Post
gr - how does that work in your asset division deal? You can sell your house and put all that into a new place but have to come up with half of the original sale by the time DD is 18? Or is gets half of your new place when it sells? Confused here.
No, I owe him a set amount based on approximate actual value of all the marital assets at the time we divorced -- retirement, savings, home equity. Since most of my share was in home equity, the idea was that I don't have wouldn't give him his chunk till it'd be reasonable for me to sell -- meaning when dd was 18 or out of college, if she lived at home. But we never tied it to this house specifically, so no, I don't have to give him his share for a long time. (And it's much, much less than half the value of the house.)

Quote:
Question about that too - my agreement gives him half of proceeds when the house sells but he pays half of all repairs to home while I'm in it. My question is what if I pay off this house myself in 10 years or something (we owned together for 6 years)? Like completely myself. And then sell it 10 years later - would I still owe him half of it? That doesn't seem right to me and I'm wondering if a lawyer could fight it 20 years from now or something. Or is there any way to ammend the agreement once it's signed?
No, it isn't right, and you need to get that settled now, because you're going to have real trouble modifying it later. You may not be able to. You need to look at the value of the equity in the house today -- maybe it's $5K, maybe it's $100K -- and split that. (I'm assuming there aren't other substantial assets -- if so you need to lump them all together and figure out how to divide.) Then the clock stops for him; that's all he'll get. And yeah, don't make agreements like that based on the idea that you'll do something in X years, because it's tough to know what you'll really be doing that far ahead.
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