Went out with my agent again today

We looked at two places on the same street. Both were townhomes, 2 br/ 1 1/2 ba, both bedrooms upstairs.

The 1st place (985 sf) had renters in it that are moving out in the next few weeks. They were an extremely nice and gracious family. The hubby showed us around the property. Unfortunately there were a few things I didn't like about the unit. The first is that there were no laundry hookups. Secondly the garage is not attached. Also, the outside area was just "ok".

The 2nd place (1020 sf) was empty so we showed ourselves around. The price on the property is astounding and it has an back enclosed patio area where I can maybe add some fake grass and a little front yard area, BUT (again those buts) it also doesn't have an attached garage plus it's not move in ready. To get it move in ready (heavy heavy duty cleaning, new carpeting for stairs and bedrooms, paint) will likely cost me $3k-$4k. Plus I will need to buy a washer and dryer. In the next 6-12 months I'd need to revamp the upstairs bathroom (another maybe $1500) plus update the flooring in the living room to laminate flooring (the tile is ugly but in excellent condition). Also, this place does not have central air! WTH!!!! Le sigh.......

So, in the 2nd place I see a lot of potential, and since the price is just SICK i'm considering it. I'll be talking with the agent about it again tomorrow because she needs to confirm if its FHA approved. I need to tell her that going forward I only want to see places that she has already confirmed are on the list so we don't waste anymore time.

In regards to the 2nd property the agent told me I really should see this as a started place, somewhere I can live for maybe 5 years or so, build equity then move on to my "real" house. I guess she's right but i'm still chewing on that.

Do you know about the 2009 1st time buyer credit?

I'm sure you already know about the HUGE tax credit available through November 30th, 2009 for 1st time home buyers right?????

If not, take a look here:

2009 Tax Credit!

That's hot right? Yes, it is :)

So, I had found this place....

Last week i'd gone out with my realtor and found this place I really, really, REALLY liked. Come to find out, when you utilize FHA funding the condo must be on the FHA approved list. If it isn't, they won't fund your loan. Well, this place wasn't on the list and I had no idea. I'm surprised my realtor never mentioned this wholeFHA approval list to me, and in fact I was a bit disappointed that she hadn't.

Imagine me walking around this townhouse, 2 huge brs, walk in closests in both, laundry room inside, 2 car attached garage, grassy area in the front, only maybe 8-10 units total. I just knew this was going to be my place and I was ready to make a bid and everything. Had taken pics on my camera (which i've sense deleted since there was no point in keeping them), imagined painting rooms, having a party, etc, etc, and come to find out I can't purchase the property. I was bummed with a capital B.

This has definitely taught me not to get too attached or my hopes up during this process.

Well, as they say on TAPS ~ On to the next!

Here we go!

Hi and Welcome to my blog!

In this blog I will discuss the in's and out's of the home buying process for me, a 1st time home buying, African American, single parent woman in my early 30's.

Right now I live with my mother in her condo with my daughter. I moved back in with my mom about a year ago so that I could pay down my debt and have a semi fresh start. To date i've payed off my 3 credit cards AND my IRS debt (long story). This means that there are only 2 major bills I pay a month- my daughters tuition and my car note.

My goal for this year is to purchase a house/condo/townhome. Here is my wishlist:
3 br (2 of the 3 upstairs minimum)
2 ba
attached garage
laundry hookups
front or back yard area
nice kitchen
everything modern
safe area
small unit (if condo/townhome)

Again, this is my WISHlist in a perfect world :) I know that for the amount I was approved for (small for Los Angeles standards) I will likely need to rein it in and focus on top priorities. For example I can live with only 2 bedrooms but i'd love to have 3.

So again, I've been preapproved for a home loan, FHA by the way. The lending person told me that I need to tweak a few things to get my score up, and pay off a few bills in collections. I've since paid off the small balances on my credit cards and paid off 1 bill that went to collections so my mortgage company feels confident that the next time they run my report I will be where I need to be. While i'm waiting to find something I will continue to pay my bills on time and also knock off a few more things that went to collections.

With patience and the grace of God I WILL be a homeonwer this year. I can't believe it!!!! I'm so excited.....and nervous.

Well, here I go! I hope you check in on me from time time and leave me love, advice and criticism where needed to help me stay in check during this process.