As most of you know, we planned on buying a house when we moved to Minnesota. We'll be there about 5 years, so it makes sense. We took a trip there in May, found a fantastic house, made an offer, had it accepted, and were approved for a conventional loan at the beginning of June.
Fast forward to last Monday (the 26th)...all the paperwork was going through underwriting, ready to close on August 2nd (yes, that is tomorrow). Then the underwriter (really, who thought of that name???) informed us that the income: debt ratio laws had changed since we were approved in June. WHAT? That means that we are not approved for a conventional loan. We could be approved for an FHA loan, but we needed 30 days of income before we could close...meaning that we could close in October. We could also qualify for an FHA loan if we had a co-signer.
Enter my parents. My mom was flying to SLC on Tuesday (the 27th) to help with the last bit of packing and cleaning. She and Dad (who was working in Texas) agreed to be our co-signers (since they make money and all that...). We talked with her before she left home, so she was able to bring all the important documents with her. Last week was full of emails and overnighted documents to sign.
Long story short, we aren't closing tomorrow, but on Friday. And Mom flies home Saturday morning. And Stephen starts some prep classes on Monday. Can I get a woot, woot? What about a flight to MN to help me unpack? Anyone? Anyone? Beuler?
We're at Stephen's brother's house now, with a 26-foot U-Haul truck parked on the road. All our earthly possessions are in the truck. Kind of crazy to think about it that way. We have a fun trip planned for the next week--because if things aren't going to work out the way I want them to, I still might as well have a great time!
1 comment:
Oh, what a roller coaster. Thank goodness for parents. Good luck with the drive and update us when you get a chance and a breath :).
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