Connecticut Nesties
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Re: I'm bawling. I don't know what to do
Thank you, ladies. This really does suck.
We have been working our asses off for the past couple of years to pay down debt and improve our credit scores. We have paid off a ridiculous amount of debt and are proud of what we've accomplishd in such as short amount of time. However, our credit scores are are considered "fair" and I am in a debt management program (embarrassing, but it was the best choice for me a few years ago and has worked tremendously). We found that most lenders won't even consider me as long as I'm in that program. It's our credit scores that caused this sudden change with the PMI company.
What the credit union is trying to do for us is one 80% mortgage and then a 10% Home Equity Loan, which is why they need the extra 5% down. The appraisal came in at over $10k more than what our loan amount was going to be, so that's instant equity I guess.
With the way the market is declining, it's getting harder and harder to get a mortgage and financing 100% is nearly impossible, especially if you don't have great credit.
We are going to look to other lenders, but I already know they are not going to give me a mortgage and Shawn only qualifies for $150k on his own.
I'm tired of crying.
Oh, and my wonderfully sensitive mother said to me, "I didn't like that house anyway. Just wait a year. A colonial is a colonial. They're all the same." Thanks, Mom.
I guess I have to look at this as "everything happens for a reason" but it really and truly sucks ass.
I am sorry to hear your problems Jan - I knew what you posted above (I have been around long enough) and it sucks. However, it may help you in the long run.....I bet prices come down further.....its all I got to pointing out any measly bright side
Btw you didn't mention if you tried to go the FHA route. I know htat the process has changed and they have opened it up a bit.
but oyu are 100% correct that it is more difficult to buy a house and do 100% financing.....for the most part that is a good thing - it really sucks for you though!
Can you take it out as two separate loans? That's what we did to avoid PMI. The 2nd loan has a balloon payment at the end of the 30 year term, so we need to keep an eye on it, but if you plan to save as you go along, it's not as scary.
Oh Jan! I am so sorry. I hope everything works out...I wish I had advice to offer.