Tuesday, August 5, 2008

Blessed with a home

I have been meaning to write a post about how much the house was and how much my monthly payment is, and etc but I just haven't had time. Well now I have time and I feel so blessed. I am going to give you the rundown but first I have to let you know that the God that I serve is just so great. He is more than great.. He is actually awesome. Why? because he has blessed me so and I don't even deserve it. The day I first saw this house on the multiple listing service was June 9, which is my little brother's birthday. On June 10 I called the bank that I wanted to work with to see if I could get approved for the loan. I had a feeling it was possible because I had all my credit cards paid in full, student loans being deferred and car loan current and never late. She ran my credit and said no I couldn't be approved. The realtor gave me another guy and he was able to approve me for a 80/20 loan. I was shocked and didn't even know they made those type of loans anymore. The realtor told me to come take a look at the house and when I did I fell in love with it. I had been searching for multi family properties in my area for over 2 years. I did not see one thing that I liked. I thought I would only be able to afford a duplex that was a 2+1 or 2+2 but again my God is awesome

The house

The house was totally renovated with everything brand new. And I am talking about everything!!! The house has 3 bedrooms 1 1/2 baths with a sun room and deck and laundry room. It has a little front yard where I can do some landscaping and is a corner house is a very nice area of the city.

The big selling point: The biggest selling point of the house was that on the street level of the house is a newly renovated 2 bedroom 1 bath apartment that can be rented out any where from $800-$900.

The offer

I started my offer at 175,000. The house was listed for 179900, we went back and forth and agreed on me paying full asking price with $7500 in selling assist. That worked for me. It was less money I had to bring to closing. In total boo and I ended up putting about $6000.00 of our own money for the down payment and closing costs.

The Mortgage

I ended up getting an FHA 30 yr fixed loan at 6.125%. Its through this PHFA (Penn Housing Finance Agency) program. The great thing is that my loan will never be sold to another company, and I make all my payments to PHFA. There is no prepayment penalty and again its a 30 year fixed loan.


My mortgage payment with taxes and insurance is $1304 a month. That might seem like a lot but with a renter paying $850.00 a month - $100 a month for vacancy and repairs that's 750 from my renters going towards the mortgage leaves me to only pay $554.00 to my mortgage.

Not a bad deal huh? If I don't have tenants I can still swing the mortgage, however I don't want to do that for long.. it will seriously mess up my debt snowball.

So thankful

So here I am 24 years old and owning my first home. In this time where many people can't get approved for mortgages because of the credit crunch I was able to get approved for a loan. There are millions of people that are having their homes taken away due to forclosure, I was able to buy a home with a mortgage of 6.125% It just shows that when you have God on your side nothing is impossible.

As I am writing this the song "Your latter will be greater than you past" by Martha Munizzi came on ITUNES. This song sums up what I believe God is telling me about my life.


Until Next Time, Think Prosperous Thoughts



Ms. High Maintenance said...

This is truly a blessing! I am extremely happy for you. Homeownership is a beautiful thing. I will be glad when my time comes, but I will be mindful to let God work it out when it is my season and not a minute before.

oldwhiteandpoor said...

That's great, but I can't relate. I rent a room in a house with nine other people and I don't think I'll ever be able to own a home.