They were matching it to what we were paying in rent and I asked if we could get a higher loan to pay for home improvements. Answer was no, that's a separate loan so they instead said it would be better to lower the down payment and use the amount we didn't use to rip up the carpet.This is good advice thanks! We are working on the down payment right now. Can I ask why they talked you down to 10k? Do you have exceptional credit?
Our credit rating was about 720 at the time but we had at least $15k in credit card debt at the time and another 9k in a car loan. We cleared the loan before our first kid popped out which blasted our credit to the dirt. I think at the height before our health sharing ministry topped out, we had about 35k in credit card debt.
Mind you, the health sharing ministry was going to pay off the child birth fees. We just needed a short term place to park it. Once we closed, our credit rating dropped to 640. I just checked now and it's at 700.
I really wouldn't worry about any of this. See how much you can get approved for right now with the deposit you have and then go shopping. Loandepot was stellar and were very helpful going through the process.
Closing costs beat our credit union and got us a mystically low APR on a 30 year fixed at 2.85% or 2.79%. I dont remember what it was, I'd have to log into the account to check.
Just start the mortgage approval process. Avoid adjustable rate mortgages like the plague and see what fixed 30 year you can get. Do your best to match the monthly mortgage, hoa dues(if applicable) and insurance costs to what you pay presently in rent.
We bought in September 2020 during the pandemic which was the best time to buy. That was the dip in prices.
AAA by the way gave us the most affordable home insurance we could find.
F**k landlords who deserve a Mao treatment. I'll pay the bank any day and with cash down payment services I can move out as quickly as a regular ease without dealing with realtor costs.