You know it would be nice to share with you all the news of our new house…however it still has not happened! Look back when I wrote those posts..you’d think it would be done already!! It’s been a rough ride. First, we were approved for a conventional loan. Then when my hubby sent in his employment verification it was not what the guy had used to approve us. He used our taxes instead of hubby’s paycheck stubs.
So after that fiasco we had to try to run this thing FHA. In Indiana they hate acreage. I don’t know why but apparently FHA will only count the first 10 acres with your house in the appraisal amount. So if your property is 25 like ours, they counted the best 10 with the house and said ok its worth what your loan is.
Well long story..long, cause there is no short story here, the underwriter said no to the loan. Why? well 21 acres of the land we want to buy is in a Wildlife Habitat program. Even though the appraiser didn’t count that land in the appraisal, even though FHA was ok with financing 25 acres, the underwriter said that, should the bank foreclose, they would have a hard time selling the property. Really..um..we are buying it..why? Well it can be pulled out anytime for minimal back taxes plus it is a HUGE tax break right now. And hello Mr. Underwriter, anyone can put their property into the program so how do you know that half your loans aren’t already in one??!!
Needless to say our broker went to the bank president himself to override the underwriter. So of course all this up to this point has taken well over a month. This going over the underwriters head was just last wed. So this Monday we got the call that the bank president had a brain on his shoulders and ok’d the loan, but he wanted to make sure FHA didn’t have a problem with it. Well yesterday we got called stating that FHA didn’t care.. Hello, why would the government care that the land is in a government program?! Duh…
Right now we are still in a holding pattern. We are approved with conditions again. This time the list is shorter. When the appraiser went to the house the water heater wasn’t on and he couldn’t get into the barn, so those two things have to be looked at. Plus there was a piece of exposed wiring on the ceiling in the kitchen, so we are having someone put in a light. Hopefully once that stuff is done, then all will be great. The problem is our sales contract for this property ended Monday. So even if we get to the closing date the owner can pull out and say no.
This trusting God thing is harder than I thought……… I’ll keep you updated. 🙄
Happy Homesteading!!! 😀