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Surviving Mortgage Underwriters and Small Budgets

Buying a home been has frustrating process and one I hope never to repeat again. Today, I heard from my mortgage company that the underwriter doesn't want to move forward on the mortgage unless they receive a letter stating the amount of monthly payments on my student loan. Frustrating. I had to contact Sallie Mae again for yet another confirmation letter.

Sometimes, I feel like a headless chicken with all the running around that I have had to do. Last week the mortgage underwriter wanted to know why there was a discrepancy between my annual income for 2011 and 2012 and my projected income for 2013. And by discrepancy, I mean a difference of about $12 on my monthly income. I had to write a letter explaining that I was due a “cost of living” increase at my job.  I’m trying hard to remain patient. I just want to get to closing.

In other news, I’ve been thinking a lot about what I want this blog to be about. I’m not a particularly crafty person and I can’t teach you how to reupholster a chair. I like to buy my furniture readymade. About the only creative thing that I can do is paint.  So after watching an episode of The High Low Project, I think I’ve got a solution.  For those who haven’t seen the show before, Sabrina Soto designs a room in a client’s home with all the bells and whistles of their fantasy space (the high). If the client likes the look, she recreates it with less money(the low) to prove that you don’t need a large budget to decorate a room.
Unlike some of the clients on the show, who can spend $4000-$5000 on one room, I have a more modest budget. My budget for the entire coop is $3500. Included in this small budget is the furniture, paint, and accessories (stencil, curtains, mirrors, rugs, candles, etc) in my new home. That is $3500 total for the two bedrooms, dining room, living room and bathroom. I’m not including the kitchen because as I've mentioned before, it’s a huge renovation job that I’m estimating to cost a pretty penny. Really $3500? Yes and not a penny more. Can I do it? I guess you'll just have to wait and see.
In the video below Sabrina Soto talks about decorating on a budget.

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