Got our approval letter yesterday

Discussion in 'Lounge' started by jwalterus, Aug 3, 2018.

  1. jwalterus

    jwalterus Made in America

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    For our home loan, we are going through the USDA directly, so it's a little different process.
    We have a guaranteed loan amount that is valid until 9/15 to enter into a purchase contract (can get extensions up to a maximum of 60 days).
    It's a different style of financing, but I can get a good amount of land (if it's on the market) with nothing down, have an extended term loan (33 years) to drop the payment slightly, avoid having a PMI payment, and it's a 3.75% interest rate.
    I could see this being a pain in the rear for your average joe, but I have an ace up my sleeve.
    It's amazing how when you do building maintenance for the top 10 realtors in the area for 6 years, including fixing issues such as eliminating the water issues in their own private residence basements, how they will remember you years later and fight to be the realtor you work with. LOL
    We picked one to work with, we're meeting with her this afternoon.

    Now, with a quarter mil loan, the question is, how big is the shop going to be? :rotflmao
     
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  2. saburai

    saburai Full Access Member

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    Good luck! Sounds like an adventure...
     
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  3. jwalterus

    jwalterus Made in America

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    Oh, it's an adventure alright.....
    The worst part is: I don't want to settle, but I'm sure I will in some aspect.

    We've made our list of requirements and wants, mine are fairly simple:

    -4 bedrooms (or 3 with 2 being very large)
    -basement or at least a low water table so I can build a bunker (totally serious, I'm going to go full-on cold-war nuclear war survival bunker, I've had the plans drawn up for 10 years LOL)
    -2-car double-depth garage or a barn
    -MINIMUM of 4 acres, ideally 10+ with no neighbors in sight, I'm an avid shooter and hunter
    -within 40 miles of my work
    -within 2 miles of a paved highway
    -MUST have a windbreak/tree row (this IS North Dakota after all, 20mph is referred to as "light wind" in the weather report)

    Wife wants:

    -big windows
    -basement
    -close to school
    -within 50 miles of Minot
    -2 bathrooms
    -3+ bedrooms
    -trees
    -off main highway
    -other things that I can't remember and I'm not looking for the paper LOL
     
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  4. Runningaford

    Runningaford Registered User

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    That's an awesome paperwork situation, I've never rented; it makes sense to work around down payments, and wrap it all up into a monthly payment that at least for me, has always worked out less than the going rental rate. And it sounds like you guys definitely know what you're in the market for. I hope ya'll find paradise!!!
     
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  5. saburai

    saburai Full Access Member

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    I like your list, especially the minimum amount of property, the shop space and bunker! Just remember that life is all about compromise. That factor rises exponentially when other people are involved and the more that you care about them, the more weight their respective desires have... Good luck!
     
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  6. KZF250

    KZF250 Full Access Member

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    Sounds like your in a much better market than Denver is in currently...$250,000 will buy a 2 bed town home if your lucky enough to see the post right away. Fortunately for us we bought during a bust time and like where we are.

    Best of luck and looking forward to seeing your selection.
     
  7. chillman88

    chillman88 Supporting Member Supporting Member

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    I'm glad to hear you got your approval!

    I will warn you though. We went USDA last year when we bought our current house and it was a headache. Everything went through, but it was a pain. The paperwork sat on someone's desk at USDA for a few weeks before they even bothered to look at it or so it seems. After that it was "we need one more thing" several times for a few more weeks. All said and done our offer was "accepted" in March and we FINALLY took ownership of the house in MID JUNE!

    I'm not going to say don't do it. I'm very glad we did! I just want to warn you in case you have similar circumstances. I'm sure there were multiple parties at fault for dragging their feet, but it wasn't fun being homeless for a week while they kept pushing off our closing date. Luckily there was a spare room at my parent's house and one of my friends had a very large enclosed trailer I was able to borrow. It didn't hurt having an F350 to haul it with either.
     
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  8. asmith

    asmith Full Access Member

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    Man. It kills me seeing the prices of homes and land in other parts of the country.
    That is an awesome wish list and very similar to mine. The only difference is here we would need close to a million dollars to get those things. Can’t even buy an empty lot for $250,000 around here.
    Our house is 2 bed 1 bath under 900sqft in the middle of town with less than a quarter acre and it is worth $400,000!!! All I can say is California is insane and is going to fiscally implode soon.


    Sent from my iPhone using Tapatalk
     
  9. jwalterus

    jwalterus Made in America

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  10. 79jasper

    79jasper Chickenhawk

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    That's a pretty good deal.
    I can see why you want to replace the carpets. Lol
    Here that would be closer to if not over $200k.

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  11. chillman88

    chillman88 Supporting Member Supporting Member

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    Really not a bad looking place except for the fact it hasn't been touched since the 1975 remodel lol! Looks in pretty good shape for the most part. I'm impressed how clean that basement looks. I like it. Won't lie, I'm a little jealous. $95k got us a 1000sqft house on almost an acre with two garages. It had been recently remodeled though so it's in pretty good shape.

    79Jasper is right, around here that's about 200k being on 4 acres. Probably 250k if the interior was a little more updated. Closer to 300k if it had been recently renovated.
     
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  12. jwalterus

    jwalterus Made in America

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    Yeah, luckily land prices around here are fairly low (unless it's a developer selling lots), good farmland is between 1200-2000/acre depending on the soil.


    These are the first two we had wanted, but due to them being a manufactured home older than '06, the USDA won't touch them no matter what:

    http://search.minothomesearch.com/idx/details/listing/a451/181527/9103-111TH-ST-SE-Logan-ND-58701
    http://search.minothomesearch.com/idx/details/listing/a451/181101/7410-Hwy-28-NE-Carpio-ND-58725

    These would qualify, but I don't want to drive 40-50 miles each way to work:
    http://search.minothomesearch.com/i...71880/1810-County-Road-20-NW-Maxbass-ND-58760
    http://search.minothomesearch.com/idx/details/listing/a451/181158/3591-11th-Ave-NE-Drake-ND-58736
     
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  13. jwalterus

    jwalterus Made in America

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    Last edited: Aug 7, 2018
  14. chillman88

    chillman88 Supporting Member Supporting Member

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    But the listing says "just needs some tlc" :p

    Good thing you know what you're looking at. I almost went down that road myself.
     
  15. jwalterus

    jwalterus Made in America

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    Yeah, I'm not going to have any major surprises in a home inspection. LOL
    We're going to look at this place this afternoon:
    https://www.century21.com/property/.../detail?hdMlsNumber=181137&hdMlsSource=ND_MBR

    There are a couple of concerns from the pictures, the one bathroom has water damage, but I'm thinking it's going to be a roofing issue.
    I'm 100% OK with having to put a roof on the place and getting a bathroom repainted.
    I'm also OK with having the seller burn the 2 collapsed barns to the ground if they are a problem. A pile of ash isn't a "safety issue". LOL
     
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