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If your discouraged - you shouldn't be - This is our story
I just want people who are feeling frustrated to know our story.
5 years ago, my husband was layed off from a contractor he worked for for 20 years (construction) He had never been unemployed until that time, I had gone thru a change of careers and took a significant pay cut jus prior to this, we had no idea this was coming. Times got tough, we short sold our home in 4/2008. Our Credit scores tanked, I never ever thought we'd bounce back and never thought we'd be home owners again just 4 years later. Our Credit scores fell below 600. We couldn't even get a Car Loan until a year ago.
My husbands work picked up over the last couple of years and became more steady. Here we are in 2012. And we just closed on our home today. We have no other debts other then 1 car loan.
Was it easy? Heck No! We had to explain the job loss etc. We found a Mortgage Broker who was willing to work with us. We bought a home based on 1/2 of our income, just in case one of us loses our jobs we will still be able to pay our mortgage.
We are different people now. Those hard times made us so much smarter and so much stronger.
. We did an FHA loan and paid a bit higher of a rate on a 30 year fixed 4.25% a little higher then what most would pay but considering our first home purchase in November of 2000 the rate for perfect credit was in the 8% to 9% range. We are quite content with this considering our history
Re: If your discouraged - you shouldn't be - This is our story
That is such a wonderful comeback story! We were at a point 3 years ago when I NEVER thought we would be able to buy a home. We worked really hard to get where we are today, and we should be closing on June 4th. And like you said, we are different people now because of all of the stuff we went through--better people.
Congratulations on your closing! Enjoy the home you've worked so hard for!