We think we found our house–more about this later.
So, now begins the fun process of a loan. Since Captain Dad is going to be an Assistant District Attorney and I’m a freelancer, we are pretty much priced out of the market, even once we get out of commuting distance from the city.
However, we anticipated this and did build up some savings while he was working for a firm and I was teaching, and then later when we were living in Texas.
However, we decided we wanted to go for a VA loan, anyway…so that we would not eat into our savings all at once.
Sellers around here are not used to VA loans, however, so they still want to see some “money on the table” and they also want a loan “commitment” from the bank, as opposed to just a pre-approval. Apparently the pre-approval and $2 will get you a ride on the NYC subway and that’s about it.
So, to obtain the loan commitment, they are looking at our assets, but especially our “income to debt ratio.” We still have our house in Texas and have yet to rent it out, so that’s a pain. The whole 15 month+ deployments and both major units having overlapping deployments kind of killed real estate in Killeen. However, we have no car loans, no student loans, and no credit card debt…so that is good.
Despite this, we still need to have zero balances on our credit cards to up the balance in our favor. So, every time they kick things back to us for more documentation, we have to pay up our credit cards and hope no automatic payments (like cell phone charges) get deducted in the meantime.
Which means I can’t use my credit card.
Which means cash or check only.
Which means no online shopping.
Luckily the outdoors is free and local!