The Homebuying Process

[MissDD138]

Is just that...A process.

Part of it is my fault. My score was not the best, and I thought I was doing the right thing by not opening any revolving credit accounts so they would not affect my debt to credit ratio. Then they tell me I need lines of credit open. I feel like damned if I do, damned if I don't

I was scheduled to close on the 20th of Oct, then there was a problem and delay. Then it was the 27th, now it will be the 2nd week in November.

I am so discouraged, I am trying to stay faithful, and prayerful but.....
Its all a little overwhelming for me. I sometimes feel I should have waited until I was married and didn't have to do this by myself. But on the other hand I am tired of renting and simply giving money away.

Anyone care to share their homebuying experience. A lttle encouragement please.

[DBlack]

Sistah, you will be just fine. First time homebuying is always stressful, and rightly so. What is important now is to follow through on all the conditions that need to be met in order to close.

Always evaluate each condition and put on your poker face when dealing with your agent, builder or financial institution. Don't settle for anything less than what you deserve.

Ignorant to your financial situation, I would like to point out that getting a house BEFORE marriage is a great thing. It give you and your future husband more value in your estates. The more assets you bring into a marriage, the better off your start in marriage will be - financially of course. That house may produce equity that you and yours can use for something else in the future such as, paying off those credit cards, vehicles, investing in a business, etc...

You will make buying mistakes. Covering all bases in real estate purchasing is impossible, especially since there are alot of dishonest builders and real estate agents. But don't let your lack of knowledge about everything discourage you. It will make you smarter for your next home purchase.

Stay encouraged and strong, and you will find that homeowner is one of the best decisions you've made.

[saraphen]

Originally Posted by MissDD138

Is just that...A process.

Part of it is my fault. My score was not the best, and I thought I was doing the right thing by not opening any revolving credit accounts so they would not affect my debt to credit ratio. Then they tell me I need lines of credit open. I feel like damned if I do, damned if I don't

I have been selling real estate part-time for 5 years. It's always rather puzzling when you find that you don't have enough credit. Not bad credit, just not enough evidence that you had bills that you paid on time. Sometimes they can use utility bills, but not mobile phones. Sometimes it helps to have a parent with good credit to add you (name and SSN) to an existing paid-up credit card. Not for you to use, just so you get the benefit of another line of credit.

Some of these things don't show up until the underwriter takes a look at it. And I have found that single black women get a lot closer scrutiny on their credit than a married white couple with the same income and same price of house. It's not fair, but that's the way it is.

Hang in there. There may be more stumbling blocks thrown at you, but ask your realtor any questions you have. There is no such thing as a dumb question where your money is concerned. Your lender should have given you a good faith estimate of what you have to bring to closing. And they should provide a preview of the settlement statement the day before closing.

[jamesfrmphilly]

i have been at several closings.
IMO buying a house is almost as painful as childbirth. it hurts!

at every closing there is always "the surprise".
that's where they ask for more money or some other condition that will stop the show.

i share this to say that it's not you personally, they jerk all of us around.
it is so much easier to go buy a car or some other thing that will depreciate.
they make it hard for a black person to get something that will appreciate.
they are trying to discourage you and have you back down. it's a test.

keep the faith, keep your head up and don't let them turn you around.
the pain of the closing is temporary but the benefits of ownership are long term.
you are doing the right thing.

if it gets you down just come on here and vent.

[MissDD138]

Originally Posted by jamesfrmphilly

i have been at several closings.
IMO buying a house is almost as painful as childbirth. it hurts!

at every closing there is always "the surprise".
that's where they ask for more money or some other condition that will stop the show.

i share this to say that it's not you personally, they jerk all of us around.
it is so much easier to go buy a car or some other thing that will depreciate.
they make it hard for a black person to get something that will appreciate.
they are trying to discourage you and have you back down. it's a test.

keep the faith, keep your head up and don't let them turn you around.
the pain of the closing is temporary but the benefits of ownership are long term.
you are doing the right thing.

if it gets you down just come on here and vent.

Thanks James honey, I'd rather be in labor, its so much quicker

[Truthbetold]

If I may interject here......


As a real estate professional and homeowner I can tell you that the first deal is always the toughest. However I am concerned that your broker may not in fact be representing the facts surrounding your situation properly. Again I don't presume to know all of the facts but your broker should be telling you if your loan was declined by any bank and why that loan may have been declined. Is this a new home? If not you must make sure that your Realtor is getting accurate information from the lender as well.

I deal with this stuff everyday. This is my area of expertise. If I can answer any of your questions let me know.

[charliekilothree]

Originally Posted by MissDD138

Is just that...A process.

Part of it is my fault. My score was not the best, and I thought I was doing the right thing by not opening any revolving credit accounts so they would not affect my debt to credit ratio. Then they tell me I need lines of credit open. I feel like damned if I do, damned if I don't

I was scheduled to close on the 20th of Oct, then there was a problem and delay. Then it was the 27th, now it will be the 2nd week in November.

I am so discouraged, I am trying to stay faithful, and prayerful but.....
Its all a little overwhelming for me. I sometimes feel I should have waited until I was married and didn't have to do this by myself. But on the other hand I am tired of renting and simply giving money away.

Anyone care to share their homebuying experience. A lttle encouragement please.

I went through the homebuying process in 1994. I would recommend that you hang in there and see this through. Make sure that you get title insurance if they sell it in your area. If it's in a flood prone area, you will need to get flood insurance. If it's the house you really want and know that you can afford, go for it. Use the advice that the real estate folks here gave you to your advantage. Pick their brains if you need to. Good luck MissDD.

[MissDD138]

I have closed on my house!!!

I am beside myself with Joy. I am just grateful to God for walking with me through this tedious journey.

Thank you AFRO FAM for your support and kind words of encouragement.


I AM officially A Homeowner!!! :D YAY ME!

[saraphen]

Congratulations DD!!! When do you move in?

[charliekilothree]

Bigtime congrats to DD. You have a castle now.