Money is still available for worthy credit risks.
I am in the process of buying a new home and I have received FIRM committments from four lenders. The Builder is covering $7,000.00 of the closing costs and giving me another $5,000.00 in furnishing or decorating allowance. I am using the builders mortgage company to get all the allowances.
I haven’t worked since becoming disabled in Dec 2000. I am receiving a social Security disability pension and another small pension from a company where I had worked previously.
I do have a VA loan guarantee certificate which is helping a lot. The VA guarantee along with my guaranteed income is what is making the purchase possible.
My pensions will cover the mortgage with a little left over. My wife will be working for a few more years to cover our other living expenses.
The house we are having built has 6 bedrooms, 4 baths, 1 family room, 1 formal living room, 1 game room, 1 formal dining room, 1 breakfast nook, and a 2 car garage. It is 3500+ sq ft in size. Purchase price is $263,000.00. The same house at another of the builders sites is going for $303,000.00.
Used three bedroom houses in our area are going for more than what it costs for a NEW home. Selling a used house is very difficult because of the better deals on new homes.
The builder has just received the permit from the local authorities and hasn’t even begun construction yet. The house is expected to be completed in late January or early February with closing expected at that time.
We went to three different builders looking at houses and this was by far the very best thing available even though all three were offering great packages and allowances.
The builders are really desperate right now and I suspect that that they will be even more agreeable in the future.
I am getting a good interest rate and I expect it to go down even lower before we close.
Aren’t Floridians at the mercy of erratic property tax rates, though?
Sounds like overkill, you are disabled, so you should be scaling back, not expanding your housing expenses. Your pension barely covers the mortgage?