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Yup, all good! We ended up successfully refinancing for a better rate and savings on the mortgage–just bad timing on the rate last year and really good timing for us this year. The loan officer for the new loan was able to get in contact with NACA to get the lien removed. We’re still planning on living in this house for years to come and we’re grateful to NACA helping us get in 🙂
Well it took a heck of a lot of calling HAND and pestering them (I have literally called ten times today alone), but the waiver got approved! Woo! That was the last thing so I believe we’re moving to closing now! 😀
As a note, I don’t really recommend people put in waiver requests without good reason; I can definitely understand why the process exists. We’ve seen our share of houses in bad condition on the market. Our situation was just sort of weird (we’re already living in the house, we have no access to NACA-licensed contractors, and we’re financially capable of handling the repairs on our own). But woo, we’re moving forward!
@JHarris981 – the seller is a family friend who can’t afford the repairs. The idea to increase the purchase price to let the seller do the repairs is an idea though…He’d still have to pay for the repairs before getting the money from the sale, but…it’s a possibility, so thank you for that. HAND estimated 30k in repairs so it’s a bit much for either of us to do out of pocket in such a hurry.
We found one (1) contractor we negotiated into working with the material draw upfront, so I’m hoping that’ll be enough for HAND (really nice guy, too–probably will call them later for repairs even if this particular transaction doesn’t work out).
@southflorida – This is true…if the contractor is willing to wait to receive the full payment. Many aren’t. The HAND specialist I spoke to said a deal can be made to grant the contractor a material draw and then receive the rest of the funds after the work is complete. My issue is many of the contractors request half up front and aren’t willing to wait a long time after completion to receive the other part of the payment.
I put in a waiver request today. Hoping that works out.
Well I just got off the phone with HAND.
Their suggestion was to find a contractor to get a quote anyway, even if they can’t do the work through the escrow. Then we move to closing with that quote. Okay… Then we try to find a contractor in the area who can do the work. To which I responded, “and if literally no contractors in the area can do the work after we’ve closed on the house?” HAND answered “after a year, if the work isn’t completed, the house will be foreclosed on.”
We’re going to try to request the repairs be waived, and if they can’t, we’re out.
Ahaha sure, but they’re less risky because they’re diversified. 100% stock allocation is only good when you’re young and have nothing to lose.
Anyway posting an update to say I did go through with contributing to my Roth AND it looks like it went through fine since we’re moving to the bank submission. I put my Roth account in my web file as a 401k (even though it’s not…technicalities) and wrote a letter of explanation to explain the funds moved into the Roth account just in case.
If you’re paying 830 in rent, your approved mortgage amount shouldn’t be less than 830 unless something is really screwy. Even if you’re approved for more than that though, you don’t need to buy as much house as you’re allowed, and in fact it’s smarter to keep the costs low even if you are approved for more!
I’m playing the long and lazy investing game: https://www.bogleheads.org/wiki/Vanguard_target_retirement_funds
Awesome, thank you @pratik! 😀 I wanted to get it done soon because stocks might as well be on sale right now and it seems like a good time (disclaimer: don’t try to time the market etc etc etc). I have enough to cover closing funds and emergencies as well, so all good 🙂
- This reply was modified 2 years, 1 month ago by Madeleine.
So the answer to the question of “can we bring our own budget” is “no”. That’s unfortunate, but if that’s what it takes I can wrangle things into those categories (while keeping a second budget for my own tracking). Thanks for the answer! I’m currently waiting on getting the member id after attending the qualification workshop on the 30th and excited to get the ball rolling!