Saturday, I had my homebuyers education seminar, which was informative. Today I had my one on one appointment with my 'counselor'. We went over a few things about the state 1st time homebuyers program that I'm working with and we went over a budget with the mortgage & house related expenses. It was really great to see that my numbers are right in line with hers.
Now here's the great news...I was considering a bond/grant from the state that gives settlement help. That way I could leave myself with a bigger emergency fund. I REALLY feel more comfortable with significant savings since I'm doing this alone. The original bond that comes with this program gives $6k settlement help, with no payments due until the mortgage is paid and comes with a very good rate.
If I did this, I would definately pay it off within the first few years, just so that I don't have interest acruing for a long period of time.
HOWEVER!!! my counselor recommended a county program that gives $5,000.00 settlment help at 0% for 3 years, then half the rate of the other for the rest of the time... PERFECT! so she started my application for that process.
Now I just need to find a house. I"m going out with the realtor tomorrow, but theres not a lot in my price range & I'm sure we'll only get to see a few houses. Still, theres HOPE 
homebuying process update
September 14th, 2006 at 01:12 am
September 14th, 2006 at 01:39 am 1158197977
Crossing my fingers that you find 'THE ONE' that makes you breathless at your luck!!
REMEMBER...if there is something 'wrong' with it that you'd think of fixing up right away...ask that the seller take care of that before you buy...the word is 'contingent'. I'll buy contingent that the seller fixes/ replaces/ removes X and Y and Z. Could be paint, could be a cracked window pane, water heater looking a little dated, carpet stained, etc. They may counter offer and say they'll do Y & Z but not X. The ball is then back in your court to decide if you want to go ahead.
Also if you want the frig, or curtains or yard ornament, or something of similar ilk, be sure to state that stuff in your offer!
Sorry if I'm repeating what you already learned, but don't want you to learn the hard way.
Fun!! HOUSE SHOPPING! Very heady stuff!
September 14th, 2006 at 02:07 am 1158199641
Good luck finding a house in your price range that you like.
Regards,