Some may wonder why I've started this blog when I'm not really on a homestead yet. Why should I start it now? Well, John and I are beginning the loan process! We no longer live paycheck-to paycheck, but it's been really hard saving up money for a down payment. Well, I was doing research and found out that the USDA has a zero-down home loan program! If you're looking to move to a rural community and are lower-middle class or poorer, you likely qualify.
We found a loan officer to work with, I work with a very sweet woman who happens to be a Realtor on the side, and we completed the beginning of the loan process! The area want to live in qualifies, we are within the income requirements, and only have one problem: John's credit. One awful girlfriend ago, John ended up in debt over needing to break a lease. He was slammed with fees and fines and like any 20-something guy, he hid from it. Well, now it's come back to bite him in a big way. Our loan officer has directed us to a credit analyst who is going to advise John on the best course of action.
Our plan is to have his credit up high enough to qualify for our loan by January. We live in the desert. We don't want to be moving and fixing up a house when it's 100 degrees out! If we qualify in January, that gives us until mid April to find a place and fix it up. Hopefully that's enough time. If not, we'll hold out through the summer (our utilities bills are way cheaper where we currently live then anywhere we want to buy) and buy this time next year.
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