NWR: Great news this morning!

mrshall1027

We purchased our house in October of last year and it was a foreclosure, so of course, it was in pretty bad condition.  It has an awesome layout and great space and we knew we could make it perfect for us with some sweat, blood, and most of all, money.

Well, FI applied for a loan to get all the work done and the money is now in our account!!  We weren't really sure if we wanted to get a loan, but after looking at all the work that has to be done, a lot of things should be done all at the same time for it to be more cost efficient.  Since pretty much all of our money is going to the wedding right now, we would have to wait until the middle of next year to save up all the money again and we are just too anxious to wait that long!

I'm so excited!!  The parts of the house that I am looking most forward to redoing is our master bath (has nasty stained carpet, painted over wall paper, cabinets that are falling apart, and light fixtures that are taken apart and showing all the wiring) and getting new flooring throughout the house.  This carpet has probably been here since the the house was built in '97 through several owners and renters!  It's horrible!!

The best part of doing all of this, is the increase in value we are going to get.  Since it was a foreclosure, we got it for about $40k less than what it's worth in it's current condition.  Updating it will probably add another $30 to $40k, which is so awesome!!

We are going shopping for new flooring tomorrow and I can't wait!!

mbuckley85

Soo exciting!  I wish FI and I were ready to buy a house, but since he works commission only he needs two years of actual income documented in order to be a part of the loan.  I make enough money, but my credit isn't as good as his!  Once we are actually married, things should get better, but for now it kind of stinks.  

mrshall1027

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-club-boards_october-2012-weddings_nwr-great-news-this-morning?plckFindPostKey=Cat:Wedding%20Club%20BoardsForum:56b9bcef-1e34-456e-81f5-cfaa107456b2Discussion:ef46cc13-7ac9-40aa-ab48-c58198bac9a2Post:da4112e0-2a69-498a-a0b6-f01fb349c7b2">Re: NWR: Great news this morning!</a>:
[QUOTE]Soo exciting!  I wish FI and I were ready to buy a house, but since he works commission only he needs two years of actual income documented in order to be a part of the loan.  I make enough money, but my credit isn't as good as his!  Once we are actually married, things should get better, but for now it kind of stinks.  
Posted by mbuckley85[/QUOTE]

<div>When we purchased our home, we decided to do it under my name only for a few different reasons I won't bore you with.  My credit wasn't all that great, but I made enough money and I've been employeed with the same company for almost 10 years.  Buying the home improved my credit and it just keeps on getting better.  Right now the rates are amazing, so if you can afford it, it might be worth looking into even if you have to apply on your own.  Later on, you can try to refinance to add him on.</div>

ivedonethisb4

I know how exciting that must be. Fi and I will be closing soon on our house. He signed the sales papers yesterday. It will put us in a bind for a bit because we werent prepared this early before the wedding but things will get done and taken care of. It was just a deal we couldn't pass up. Looks like our first payment will be due in Oct! I cant wait to have the extra to start fixing it up as well but we are going to take it pretty slow and do the most needed things first. Eventually we want to replace all windows, replace both bathrooms and drywall the rest of the house...I definately want to update some of the flooring and refinish some of the hardwood that was painted over (who does that!!!???) Good luck and hope you guys have fun and make lots of memories!

shoebie

Congrats thats awesome ! Hope it turns out to be everythign you hope for