It actually started a couple of years ago when we decided we wanted to buy a house. When the school-Western Christian- was closing we started looking for a place to rent. We were approached by a group who “helped people get into the home owners market”. We thought it sounded like a great program. We come up with 2.5% of our down payment, they help us find a house within our “preapproved” mortgage budget and over the next two years we pay them rent…a portion of which goes towards the other 2.5% of our down payment. Sounds great right? I mean lets face it, as a first time homebuyer, we could never imagine coming up with $11000 to put down any time soon, and by the time we could come up with 5% the housing market would surely have gone through the roof and we would need more still. So, this locked us in to a purchase price and in two years we go to the bank with our down payment and get out mortgage….perfect! Or not.
We started working with a mortgage broker in late April. She informed us we needed to get our debt ratio down in order to qualify. How do we do that…madly scrambling to pay off our car that’s how. Borrowing money from family, scrimping on bills, what ever it took to get it paid off. Done. Get a mortgage now right? Nope.
She has now told us that the way the company has handled the money (our down payment portion of our rent) wasn’t done correctly and the paperwork we signed does not flow with the latest legislation on Rent-To-Own properties and she can’t find a lender who will approve our application.
We don’t have a plan B. We don’t have any money banked in some mattress or secret vault in some seedy off shore account. This was it…it was supposed to work out. If we don’t get approved we lose all the money we have put into it so far (which is basically the $11000 down payment at this point)
Needless to say, I do believe I have found the cause of my high blood pressure of late. I have been worried that this would happen from the very beginning. It seemed way to good to be true. I feel sick that we didn’t do better research in checking out the program….live and learn I guess…hind sight is 20/20?
As of the end of today we are working on a plan that requires more borrowing (temporarily) of money, an appraisal of the house, and an offer to purchase. My dad has reassured me that it will all work out in the end. I know he is right…dad’s are almost always right. But I also know that the Lord gives us what we need when we need it. I was reminded today not to borrow trouble from tomorrow (thanks mommy-in-law) The Lord will take care of all that needs to be taken care of. I have hope in that.
After supper tonight my family and I piled into the car to go get some milk and make a special trip to Tim Horton’s–coffee is a comfort to me. On the way, I had a desire to go and look at fence panels at Lowes. A little imaginary retail therapy seemed in good order. So the kidos climbed into their racecar shopping cart and we looked at fencing, decking and even lighting. There was comfort in planning for future projects. None of them would be able to even get started until this mortgage business is sorted, but there was a peace in me as I looked and planned. There was hope in my future and it was well with my soul.
My prayer tonight is for a restful sleep so that tomorrow things will be less overwhelming. My prayer is that God will take control–and that I will let him–of this mess and make it work for good. I’m thankful that He already knows what needs to be done and that He is working in it already. I am very thankful and grateful for how he has already done so much through our family and friends…He is GOOD!
My coffee is done, my kids are asleep, it’s time for me to go to bed as well. Have a great week! Tomorrow’s challenges will be waiting 🙂 Night Night