Skip to main content

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.

Comments

Popular posts from this blog

I found another house

At the end of July, I thought that I had found my dream home. I made an offer. The seller countered. Then I accepted the seller’s counter offer.   I was already trying to schedule the home inspection when my realtor, Robert, texted me that the seller wanted to hold off. Well, according to Robert, the seller decided to sell the home to his neighbor’s friend. I was disappointed but then oddly felt relief. As much as I like the home and the area, I was a little worried that the location was a little too isolated. It was close to buses but far away from the train. I was concerned about how I would get to and from work. Robert would still make his commission as he was acting as both the buyer and seller’s agent. Everyone was happy except for me. I then called another former realtor, Louis, and we began looking at properties.   We went to an open house on a quiet street, a few blocks away from a subway station and a block from a bus, that was listed below market value. There w...

Guest Bedroom Reveal!

I have a long to do list for my home. The problem is trying to priorities that to do list. Every item in my home was purchase, from the farmhouse chandeliers in the upstairs bedrooms to the doorknobs. All the door knobs. Furnishing a new home is quite expensive. Even though I am giddy and excited to get this home completely furniture and renovated, I have had to take a step back. I have had to just learn to live in a minimally furniture home.   I love it. I love the bare walls. I love the space.   I love the feel of not having clutter. On my last blog post, I showed some pictures of my kitchen and dining room, Today I want to share a few pictures from some of the other parts of the home. It's not perfect. I still need a dresser and a mirror but those will come in time.  In the meantime, this is what it looks like.

We're in Contract

Last week we completed the home inspection. There were a few concerns such as a leaking faucet and fallen off cabinet doors but nothing that would impede us going forward with the deal. The house appeared to be in good working condition though it is in desperate need of deep cleaning.   My realtor has taken to calling this house a “hot property”, as there continues to be a lot of interest and offers. He was concerned that someone else could swoop in and make a higher offer than mine.   Apparently, there was a prior offer to mine and that deal fell apart after the inspection when the “greedy buyer” wanted to renegotiate the price.   I made my offer at the right time. Also, it was about $10,000 more than the prior offer. My realtor was eager for us to go to contract.   Present at the inspection were myself, my realtor, the inspection, the homeowner and the listing agent. I had asked my mom to come along as well for moral support. Mom did not see the home prior to...