Much Ado About Patience

Tomorrow I have to attend a first time homebuyer's seminar. It is going to last five hours and to be honest, I am a little peeved that I have to do it. The original intent was to help my Mother and I qualify for a zero down home loan, but because of other elements we are not able to make that move and will be doing a 3.5% down payment instead. So I canceled the registration for the first seminar. A week later, the loan company let me know that they expected us to take the class as another qualifier anyhow.

This is the home we are trying to purchase. Isn't she cute? :)

My experience with my first home purchase has been varied. I've yet to feel any extreme amounts of joy or excitement about it because I am being slowly consumed by the weight of being responsible for the costs and the stress of trying to lock down the house we loved on first site so that we can get the loan-and then there is the loan process. I'd love to say don't get me started on the loan process, but truly, it is a giant pain in the ass! What I don't understand the most, is how the information can get turned around, the numbers get pumped higher and all the redundant paperwork. 

The information getting messed up I know is due to a team of people working on my file rather than just one person. I try to copy everyone on the team with all responses to emails, but they don't do that and I think it just encourages more work for everyone who misses one or two details. It has gotten to the point where I email the head of the team first with CC's to everyone else and then watch as he forwards that same message to them, too.


And the numbers! Oh the numbers! The house was listed for 200k. To me, this seems astronomical, but I have only ever purchased two trucks in my life, one for 10k (at a horrible interest rate) and the new truck for 22k. This home is going to cost more than a quarter of a million dollars after all the payments have been made. And it's not in a great area, it's not some giant home, but a simple and somewhat modest home in an area that is experiencing an upsurge in real estate. Even so, the loan was pumped up to include the closing costs and there are all sorts of fees and whatnot that have to be taken care of.

Ok, so the price is totally justified as it's beautiful inside and out.

Worst of the lot has been the paperwork. Two weeks ago I was asked to send in the most extensive list of paperwork for the file. I was asked for tax returns and W2 forms from 2008 forward, 60 days of paystubs, copies of my divorce/parenting plan/child support order and decree of desolution, 60 days of all bank account statements, copies of driver's license and/or passport and a complete explanation of any credit inquiries within the past year. I have since heard that I have to keep updating them with paystubs and bank statements so long as the qualifying procedure is in the works. Also, a friend is loaning me a large portion of the down payment and he is being required to sign paperwork stating that this is a gift as well as submitting front and back copies of the check from him to my account, the deposit slip I get when I deposit the funds and a bank statement showing they register on my list of transactions. 

We are hoping to close on the purchase and move at the end of this month, but it is looking like it will be more towards late March. I can be patient, I can. It's not easy, but I will do it. Patience is just finding something else to do while you are waiting.