Saturday, August 22, 2015

Should we still try to buy a home with a monkey wrench being thrown in our plans?


My spouse and I were in the process of making an offer on a home. We had a mortgage designed to have 2 loans (1 for mortgage, and another for down payment costs). My grandmother was going to help as well. We had gone through the preapproval and were prepared to make an offer. The loan would be in my name, and we have already invested about a month into this process. He has now had a set back in a job (new company was supposed to open in April, but had many things happen to delay opening. Was then supposed to be this week. Now there are more inspections and the owner is going on vacation). So we don t know when he start. I am the breadwinner, and if we go through with this, it effects me financially. It would raise Our monthly payment $300 monthly. We could make it work, but wouldn t be comfortable. And would have $0 for emergency funds. I already have anxiety about this whole process, and this set back has pushed me over the edge. He would still like to go for the house, but I am trying to think logically. We live in an apartment right now, and I miss a home with a yard. I want to be a home owner as well. I just don t want to have to forclose on it because of a mistake on our part. I don t know if we would get final approval, and I think I was stretching it anyways by having help from my family. Should I abandon hope? Or just suck it up?

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