Simple Life: Home Sweet Home

Simple Life

Simple Life

This past year went fast, although we had many obstacles to overcome such as Rebecca’s health issues and her environment being a factor we were able to remedy the situation. In fact Rebecca seems to be doing much better and is more settled. I must confess my family has the itch to own a new home in the future.

If you recall more my plan than my husband Mitch’s was to own a home little to no mortgage has proven to be an unrealistic quest. I must admit that I am a bit of a dreamer, however I am smart enough to know that we have to alter our thinking to fit a realistic one. In a perfect world of mine, my family would have no debt and only have to pay a minimal utility bill with other expenses that can occur such as Becca’s needs as a teenager. It has always been my focus to live a meaningful life and not be a slave to the banks and to live a simpler life.

A change of heart, within the last several weeks several factors have influence our discovery that buying a home with cash will never happen for us! For many reasons, cost of living putting a damper on our savings, the housing market is recovering and for most American’s the taking a mortgage is a must to buy a home that is fairly decent. For instance, a home in our area of interest made a price adjustment to increase over $20,000 of our budget. Talk about sticker shock!

A few days ago, we recently consulted with a mortgage advisor and received information to buy our next home. Stunning to know, that more than half of his clients are in similar situations like ours, you know, either buying above their means or victim of the housing bubble that resulted in a bankruptcy and/or foreclosure. Ironically, we discovered that we are not that far out from owning a home. In fact we may qualify for the “Back to Work” program which waives the wait time after a foreclosure from 3 years to 1 year. However, because we did not seek credit building tools like a credit card and a line of credit we were unable to build new credit. The consequence of our fear of debt will put us behind about 3 to 6 months of receiving an approval for a new mortgage.

However, more time is a blessing because we will have more time to save and get our financial house in order before we make the big move. We can take our time, buy within our means perhaps we may need to go more rural and it will be close to my job at the school. We may be looking in town or a home with some acreage outside of town just as long as it is a healthy environment for our Rebecca. Finally, for my family we are still on the journey to live a simpler life, what is simple for one may not be simple for another. It all depends on one’s perspective and the path we choose to get there. So life throws us many curve balls, what is important is how we play those curve balls hopefully for us we will hit it out of the park when it comes to owning a home in the future.

Happy Blogging!

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Just wanted to inform my readers that if you should find yourselves in a similar situation that you should consult a professional on how to get back on track. So that you may not find yourself in a similar situation like ours. Good Luck!

Helpful Resources:

Sunrise Vista: Back to Work Extenuating Circumstance.
http://www.sunrisevista.com/fha-extenuating-circumstances/

Lender 411: Letter of Explanation. At http://www.lender411.com/letter-of-explanation-sample-lender411-com/

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