The house we live in is for sale. We don't own it, but we'd like to! We've had two land contracts on the house. The first land contract was made a month before everything collapsed in 2008 with the housing industry. When the bank refused our loan the first time, the owner graciously agreed to have us sign another contract and ride out the market, thinking the banks would loosen up and there would be no problem. In the duration of the second land contract, my husband recieved two large raises at work, while both of us took on additional self employment work to supplement his salary. We had $7000 sitting in the bank, waiting to be spent as downpayment for the house, which at that time was listed at $57,900. This was in addition to the $2000 we put down the first time. Our middle credit score at the time of the second attempt to get the loan was in the 675 range. We decided to go FHA, as the loan officer at the bank suggested. All she said was "Looks great! No problems here! Just send the paperwork!" A week later she calls back and says "Sorry I can't help you" with NO explanation of why. Apparently NO ONE qualifies for FHA loans-their ratios and requirements are totally insane and make no sense at all.
Can anyone explain to me why two married, college educated people with three children who make $45,000 a year can't afford a house that is $57,900? Our mortgage payments would've been $200 less than our current rent
Now the owner is stuck. His student loans from his PhD came due and there's no way out of them, and he bought a new car. We are now keeping HIM out of foreclosure! The house was relisted two months ago at $54,900. The owner told me he will walk away from it at $40,000-that's the absolute lowest he can go. Until then, here we are. NO ONE wants this house except us! It's a gorgeous house, but it's not a good school district and is "expensive" for the neighborhood. Just give me my damned mortgage already!!!! We are good, responsible people who are just trying to buy a NORMAL house!
Thank you, gypsy. The realtor came by last week and gave us a list of brokers and told us to stay away from the banks. She also thinks it is ridiculous that we don't own this house, and she of all people is rooting for us because we truly are the only people who want to buy it. The last time it was on the market and we stopped by during an open house in 08, ours was the only name on the register. No one wanted it then and no one wants it now. She said there haven't even been any phone calls about the place. It's in immaculate condition, built in 1942. Completely refinished hardwood oak floors in every room, root cellar, summer kitchen, and fireplace in the basement, poplar or maple trim and mantel in the living room (we can't really figure out what kind of wood it is LOL!) three bedrooms, totally fenced backyard, within 10 minutes of downtown Youngstown, 5 minutes from Mill Creek Park, on a mostly quiet street with few problems if any-oh yes and there's a VERY active block watch program in this neighborhood. We're also within walking distance of several shops and restaurants, including Handel's Ice Cream
I was worried at first that someone would come in and steal this place away from us, but then I realized that this isn't what most folks nowadays want in a house. It hasn't really changed much since the 40's-and we like it that way!
Sounds like a wonderful house with a lot of great features! Even a root cellar, wow! Keep trying. Apply to every broker or lender you can find, at least as long as it doesn't cost you a pile of money to apply! Good luck!