We scoured the market for a deal and finally found our
If you're not familiar with the VA Loan program, it's a fantastic benefit for Veterans to be able to purchase a home with many special caveats. Most notably, you can put no money down without paying for PMI, so you end up saving about $100 each month. There are lots of other great aspects the VA covers in your purchase, but you have to do your research, secure your own documentation, and stay on top of the bank. For example, veterans that receive monthly disability compensation do not have to pay a mortgage funding fee and there is a new energy efficiency loan that can be added into your mortgage to help cover the cost of an updated HVAC or similar item. The best resource for any of this information is the VA itself. There are regional offices that you can contact in order to get details on your options. That being said, the VA does have restrictions on the property condition and it is nearly impossible to purchase a foreclosed home because of this. However, if you're willing to fight with every person involved in your loan, you may be able to set up an escrow account to cover the cost of repairs so that you can do them after you take possession of the property.
Our experience with Wells Fargo has been severely negative. I'm going to forgo the bad-mouthing on this blog and simply say that I don't recommend them for anything banking related. Unfortunately the "convenience" of online banking has made it so that swapping banks would be an utter fiasco if I even tried, so we're stuck. However, in the end (only three weeks past our intended settlement date), we did end up with the paperwork for a mortgage! You don't even get keys at a closing when you buy a foreclosure so it ends up being a very anticlimactic finale to a long, stressful run.
Now we have been homeowners for two weeks and my husband has battled numerous house wars with the help of family and friends. The light at the end of the tunnel is that we have a brand new beauty of a kitchen and I haven't gone into labor yet. Audrey is itching to get out while I desperately try to keep her nestled in the womb for several more weeks. So we're attempting to balance bed rest with care for a one-year-old and all the delights of moving. Never a dull moment in our house, but it still feels good to call it our own.