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Saturday, February 14, 2009

Home Purchase Update

What it do folks?!

Ya girl has been busy taking her life to the next level. I put an offer on a home on the Jan 30th. And after two weeks of going back and forth with the bank, we finally came to an agreement and I signed a contract on the house yesterday afternoon.

I am super excited and have gotten into my hustle mode. I'll get into that later. First, let me tell you about this house! The house sits in a small town on the outskirts of Orlando. I actually lived in that area before for a couple years when my daughter was born and have wanted to move back ever since. All the schools are A-rated schools. I love the small town feeling and the fact that you have basically all necessities within a 5 mile radius, including a mall with all my fav stores.

It is a 4 bedroom 2 bath home running a little over 1800 square feet with ceramic tiles in the wet areas and hardwood floors in the remaining. I think the only carpeted areas are the closets. The master bedroom is HUGE with a huge bathroom that includes a garden tub and separate shower stall and a HUGE walk-in closet. There is a two car garage, covered lanai, and very nice backyard. And I remember correctly french doors lead into the bedroom that obviously served as an office. Here is a pic of my (prayerfully) future home:

Its the pic from the MLS. I'll have better and more pictures after I close (which is set for March 25th). Ok. Now for the numbers:

Initial List Price: $189,000

Final List Price: $180,000

Down Payment: $6300

Closing Cost Assistance: $8000

Closing Date: March 25th

Per the GFE, my estimated monthly mortgage payment will be $1268. That includes property taxes, mortgage insurance, and hazard insurance. The rate on my GFE is 5%. The seller is provding $8000 towards closing and that will include buying down points. My estimated closing costs are $5800 (per GFE) so the remaining money will go to buying down points and a one year home warranty.

Here is how the house measures up to the requirements I set:

Price: $0 -> $190,000 CHECK

Ideal Monthly Mortgage (including taxes, PMI, HOA, & hazard): $1200 (max $1300) CHECK

Location: Surrounding Orlando Area CHECK

Bedrooms: 3+ CHECK

Bathrooms: 2+ CHECK

Square footage: 1700 s.f. + CHECK

Year Built: 2000+ CHECK

HOA: $100/month max CHECK


* A-rated school district CHECK
* Quick access to major highways CHECK
* Good daycare CHECK
* Nice neighborhood CHECK
* Shower stall CHECK
* Backyard CHECK
* Large kitchen with pantry and lots of cabinet space CHECK
* Large master bathroom CHECK
* Walk-in closet in master bedroom CHECK

Everything is falling into place. Once we get the ok from the seller we will get a home inspection and appraisal done. The home inspection will probably get done around Thursday or Friday of next week. I am actually going to go to the house today with my agent and take a look at it again. I haven't seen it in like 2 or 3 weeks. Need to refresh my memory.

I am working on getting a moving fund started and researching the start-up costs for utilities. I'll do another post later today or tomorrow on that.

Heading off to Ikea for free breakfast and to do some shopping with my bestie and fellow single moms.

Yall have an awesome Saturday!


Ms. MoneyChat said...

Dimps this is really great news!!! I hope everything works out.

You're probably up on this already but in case you're not, Pres O's stimulus plan passed both the senate and congress, and now awaits his signature. Under Pres Bush's stimulus, there was a $7500 loan (i know they called it a credit, but it's really a loan) for 1st time home buyers from 4/08 - 12/09. Pres O's stimulus plan includes a $8,000 credit (real credit, not a loan) for first time homebuyers who purchased 1/1/09 and after. Now that was the last draft that I glanced, I'm almost certain it made it in the House's version as well.

Nonetheless, it's definitely worth checking out. If the measure passed you have 2 options available to you, take the $7,500 on 2008's taxes and pay it back over the next 15 years, or take the $8,000 on 2009 taxes and never pay it back.

Dedicated said...

There is nothing better in the world then owning your own home, that you can afford. Congratulations!

Do read up or talk to someone about the $8000 credit, last I heard they were only allowing it to be a NON-REfundable credit. If that is the case you may want to adjust your exemptions to pay in less through the year and use the saved cash to - pay down on your home or build a maintenance fund for your home.

May your new home see nothing but love, wealth and health!

D.C. 2 said...

Congratulations D. Get it!!!!!!!!!!!!

Sheena said...

Glad to see you back. Good Luck with the house!!!

Have a great day!

Dimples said...

@ Ms Money

Thanks! I hope everything works out too. You know I am looking into that new credit. Once Pres O signs off then the website about the tax credit will update with all the info. I just hope I will be able to amend my tax return and claim the credit now versus in Feb 2010. And you I'll go for the FREE money any day.

@ Dedicated

Thanks. I can't wait. Reading and staying tuned on that tax credit. I'll look into adjusting my exemptions. An extra $670 a month isn't bad. Only thing is that it would be taxed wouldn't it? If so I would rather wait and get all the $8K versus them taxing me on it through my paycheck.

@ DC

Thanks chica!!!

@ Sheena

Thanks! It has been a busy week. I had no idea this process was so tiring. I had fun looking at all them houses though.

I Am Fabulous!!! said...

Girl, I have been checking in on you sporadically and this is absolutely GREAT news!!! Yes M'aam!!!

I have had a few setsbacks, but I am determined to make things work in my favor....and with God on my side, I CAN NOT fail!!

Congrats and Good Luck Chics!!!

Kaiya said...

Mz. Dimples, this is great news! I have been following your blog for a while and although I am not ready to take that step and buy a home, I am looking forward to it. I will be praying for you that this works out in your favor. It is a beautiful house.

Tired of being broke said...

Congrats on the progress of purchasing your own home. Be sure to post pictures soon.

BrownSistah said...

This is house looks fantastic and I pray that it's yours girl, you seem very excited and I'm very excited for you, just claim it girl and it's yours!

Peace & Blessings!

K. said...


Sistah Ant said...

I'm so sorry I wasn't around to give you a prompt CONGRATULATIONS!!!!! How great for you and the little one! I'm proud of you - this is wonderful news!

Kacie said...

What a nice house! I hope that it will be a blessing to you and your little one.

One thing that makes me nervous is your balance in your emergency fund. I see that you have a goal completion date of August -- is that realistic?

It might be better to hold off on getting furnishings until you have at least a few grand set aside.

Just something to consider!

Dimples said...

@ Kacie

Thanks! AInt it cute?!
I am getting the $8000 1st Time Home Buyer Tax Credit so I will be ok. I also have had other sources of income coming in.