7 Days til Homeownership? Maybe not...

There's trouble in paradise. I got a call that the mortgage underwriter just discovered my temporary employment situation and they are not happy about it. They want a co-signer. My dad was willing to do that until they wanted him to furnish his personal and business tax records for the last 2 years. No dice.

And I'm just frustrated. My credit is amazing. Even if my job ends, I have enough money in reserve to pay for 7+ years of the mortgage. I will already have $100,000 in equity in the house when I move in. What's the problem? My job could end at any time? Guess what? In this economy anyone's job could end at any time. At least I have the funds in reserve to make payments on the home for a good long time and the credit history to show that I have a history of always making on time payments. Someone, please show me where the problem is? Is it that I'm a single woman whose family is helping with the down payment? I smell a rat.

I'm getting a lawyer. I didn't want to have to do that, but my straight forward situation just got complicated. And the holiday weekend makes it even more complicated. I close in 7 days. I hope I'll be able to close...

Today I'm thankful for: problem solving.

11 Days until homeownership: this week's goals

Last week's goals were moderately successful and I'm hoping to be even more successful this week, despite the holiday weekend.

Monday:
Home: email realtor (he just got married this weekend, so I haven't wanted to bother him) to see if there a time when I can get the various contractors into the home to give me estimates.
Job: tweet something smart and job-related.

Tuesday:
Home: narrow down paint colors.
Job: meet with my supervisor and talk about my resume. Update as needed.

Wednesday:
Home: email contractors a date when they can come in to look at the home (fingers crossed that I hear back from
Job: post updated resume to the websites of the 2 professional organizations that I am a member of.

Thursday (Thanksgiving!):
Home: show everyone in my family pictures of the place, paint colors, bathroom inspiration and get positive reinforcement.
Job: tweet something smart and job-related.

Friday:
Home: research kitchen appliances.
Job: apply/prepare to apply for a job.

Saturday:
Home: catch up day
Job: apply/prepare to apply for a job.



Sunday:
Home: start getting rid of unused items
Job: catch up day



Today I'm grateful for: success so far on my no spend on clothes month. I'm getting close to making it!

11 Days Until Homeowenership: Goals Update

I made some goals last week in my quest to get my life back in order. I did okay in some areas and really sucked in others.

Monday:

Home: scan and send proof of wire (from the money my parents sent to me) to mortgage broker
Job: update resume

Tuesday:
Home: get info from 3 floor re-finishers
Job: email resume to 2 of my colleagues/friends to look over, ask if they would write a recommendation on LinkedIn for me

Wednesday
Home: follow up with floor re-finishers wish I could do more with this, but I need to be able to get into the house and that's a story for another day.
Job: tweet (on my personal account) something smart related to my job hunt

Thursday
Home: start looking into prices for bathroom updates
Job: find 2 jobs to apply to, start writing cover letters

Friday
Home: check in with mortgage broker, see how everything is going
Job: finish applications, send to jobs

Saturday
Home: catch up day (finish/do anything from the week that hasn't been completed)
Job: look around LinkedIn, see if there is anyone who can help

Sunday
Home: go to tiling workshop at Home Depot (so excited for this!)
Job: catch up day (finish/do anything from the week that hasn't been completed)

Stay tuned for another post about my tasks for this week.


Today I'm grateful for: someone who helps balance me out

17 Days to Home Ownership: Reno Budgeting

The first two big things on the list are the floors and the bathroom.

The first flooring estimate for sanding and re-finishing is $1,400. I'm not sure what that includes, but I will this week since it's on my to do list.

The next thing is bathrooms. My inspiration is this from Young House Love (obsessed):

My bathroom is a bit smaller (if you can believe it!), but I'm going to keep some of these elements and add my own twist. Mr. Cupcake is totally on board. We went to Home Depot last weekend and just walked around and looked at stuff. I know I'm going to need to hire someone to do pretty much everything, but Mr. Cupcake and I are going to do the tiling in the shower. I'm really excited.

I'm planning on getting these things exactly the same as the inspiration room:
Wall paint: Benjamin Moore’s Dune Grass (color matched to Olympic Premium No-VOC paint),
Trim paint: FreshAire’s off-the-shelf white semi-gloss paint
Tub/shower tile: white subway tile from Home Depot
Bamboo blinds: Home Depot
Extra long shower curtain & liner: Amazon (our waffle curtain and fabric liner are both 95 inches long)

I'm planning on getting these things different:
floor tile: totally unsure what it will look like, might be a different color
vanity: found one at Home Depot
faucet (both sink and shower)
light fixture: will do something similar and cheap!
shelves for above toilet: will be painted the same white as the trim. Shelves will store things in glass jars on top (cotton balls, q-tips) and baskets.
mirror: I want to do an oval medicine cabinet
towel racks: will put two towl bars on the back of the door, plus a small one next to the sink for hand towels

Unsure about:
reglaze the tub or get a new one?
keep the old toilet or get a new one?

I'm planning on doing lower end (but still nice!) finishes. My expensive taste threatens to do me in though! My plan is to start looking at the lowest end item and then gradually price my way up until the items don't look cheap to me. I also plan on hunting around for deals using the Habitat for Humanity Re-Store, coupons, ebay and Craigslist. I have time on my side for now.

I'm hoping that these 2 projects come in under $5,000. Then I'll wait more than a few months to save for and start the kitchen renovation. I think that I can get all of the supplies for the bathroom for less than $1,700, but the labor will be where the real expense is. I wish Mr. Cupcake or I felt confident enough to do more of this stuff ourselves, but I want it to look right and I'm willing to pay someone to do it. Tiling the bathtub area is a good start to my home improving and will save a little bit.


Today I'm grateful for: things starting to come together

18 Days Until Home Ownership: Getting My Life in Order

I'm feeling slightly less out of control because I made a list of all of the stuff I need to do and am slowly checking things off of it. Slowly being the key word. I've made new home stuff and job stuff the priority, so my goal is to do one thing related to each of those two things, every day until (a) I move and finish redoing the house and (b) I get a new job. I need this to be in bite sized pieces so it feels more manageable.

Monday:
Home: scan and send proof of wire (from the money my parents sent to me) to mortgage broker
Job: update resume

Tuesday:
Home: get info from 3 floor re-finishers
Job: email resume to 2 of my colleagues/friends to look over, ask if they would write a recommendation on LinkedIn for me

Wednesday
Home: follow up with floor re-finishers
Job: tweet (on my personal account) something smart related to my job hunt

Thursday
Home: start looking into prices for bathroom updates
Job: find 2 jobs to apply to, start writing cover letters

Friday
Home: check in with mortgage broker, see how everything is going
Job: finish applications, send to jobs

Saturday
Home: catch up day (finish/do anything from the week that hasn't been completed)

Job: look around LinkedIn, see if there is anyone who can help

Sunday
Home: go to tiling workshop at Home Depot (so excited for this!)
Job: catch up day (finish/do anything from the week that hasn't been completed)

Please hold me accountable! I need to get stuff done!


Today I'm grateful for: having a good boy who I know would never cheat

29 Days til Homeownership: Renovations

The condo needs A LOT of work, so I figured I would list it out in an approximate order of attack. I'm going to do some of the stuff before I move in, especially a few things that will be toxic/stinky or inconvenient to live through. Mr. Cupcake is in his place for at least the next 3-6 months, so I can always stay with him if, say, I don't have a bathroom. And some of the things on this list are dreams that I don't think need to happen or won't really add that much value to the home.

Anyhow, here's the to do list:

Knock down built ins in bedroom (before I move in)
Refinish floors upstairs and downstairs (before I move in)
Paint living room, bedroom and hallway, install new crown moulding (start before I move in)
Update Bathroom (new: vanity, light fixture, mirror, storage options, tub, tile for floor and shower, paint; change to pocket door?) (start before I move in)
Build out closet in bedroom
Install closet organization system in bedroom
New fan/light fixture for bedroom, recessed lighting?
New light fixture for upstairs hallway
New light fixtures for kitchen/dining area
Install recessed lighting in living room, remove ceiling fan

Paint closet and cabinet interiors a fun color

New curtains for living room, bedroom and dining area
Knock down wall between kitchen and dining room
Add washer/dryer (buy washer/dryer)
Update kitchen (all new appliances, install dishwasher and garbage disposal, new cabinets and counter tops, add back splash, add peninsula or island, new lighting, update flooring in kitchen/dining room)
Make it home-y (add pictures to the walls, organization systems, decorate with new pillows and accessories and accents)
Power wash, stain and seal the deck (in the spring)
Mount tv(s) on the wall in living room/bedroom
New finnial for stairway, paint bannisters and railings
Paint steps?
Put in new, modern interior doors

Whew. It's a lot written all out like this and I'm sure that's not even everything. That's all I could brain purge right now. Approximate order of attack is bedroom, bathroom, living room, kitchen/dining room.

Any thoughts from homeowners who've done renovations?

Guess this is where the no spending money on shopping until 2012 comes in (only exceptions boots and underwear). And extraneous eating out is also being cut.

Today I'm grateful for: working from home. It's so much better.

30 Days til Homeownership?

So I want to thank all of you for your genuinely supportive feedback. It has really meant a lot, especially since I wasn't entirely sure how the blogosphere was going to take the news about how much my parents are helping with the purchase.

There were a couple of financing/price questions and I'm going to do my best with them since I haven't fully nailed down my financing yet. It's all still in progress and I guess I'll keep you posted when I know.

Leigh asked:
How did you pick the loan terms? 30? 20? 15? year fixed? ARM?
One more question - did you shop around for the mortgage or just go to your normal bank?

Right now, I don't have a mortgage nailed down. I am talking with a few lenders and the interest rates I'm being quoted have ranged from 3.875%-4.125%. Those are all for 30 year fixed loans. I'm a traditional kinda gal and ARM (adjustable rate mortgages) scare the pants off of me. Rates are so low right now that I'd rather lock in my rate than worry about it resetting to something crazy in the future. That's also how all of those people got in trouble and foreclosed on and I do not want that!

I am shopping around a little for a mortgage because terms can vary so wildly from bank to bank. Sadly, my own bank (Wachovia/Wells Fargo) did not want to touch me, I think due to my job situation. I went into a branch and the mortgage lady was really quite rude and never got back to me. Their loss.

Her Every Cent Counts asked:
What is the cost of your condo -- is it a 1br, and will you be living there alone?

The total cost is $260,000 for a 2 level, 1 bedroom/1 bath condo in Arlington, VA. They are paying $5,000 of closing costs. I will be putting $100,000 down and taking a mortgage for $160,000. If I get a mortgage with the terms that I was quoted initially, I will be paying about $780 a month toward the mortgage, $230 a month for condo fees and $230 a month towards property taxes. My total monthly cost is about $1240 which is $340 more per month than I am paying right now.

The plan is for me to live there alone for a little while and then Mr. Cupcake will move in. There isn't an exact timetable for this yet, but we're both good that this is the plan. I'm excited for him to move in (for many reasons!), but doing that will help us both save aggressively for our second home. Paying just $620/month towards rent and being able to split cable, Internet and utilities will be a huge cost savings for both of us. Plus, we've also talked about sharing one car, which will be even more savings.

Today I'm grateful for: possibility

Last Day Net Worth: October

Looks like I'm up a significant amount from last month. Win. Cuz that number will be going down REAL fast. Probably next month I won't be able to do a last day net worth because my finances will be a bit wonky with the money transfers and the condo buying and whatnot.

This will be the highest that my net worth will be for awhile and I'm mentally preparing myself to hemorrhage money. Between inspections, closing costs above the $5,000 that the seller is paying, preliminary renovations before I move, a week or two of paying both rent and a mortgage, I'm planning on seeing a good $5-10K just disappearing. And that's a little scary for me. But it's a good investment.

Anyhow, here's the numbers:

Liquid Assets
Cash (checking, MMA, W2S): $31,482.65
GNMA: $19,859.82
Total Bond Index: $20,093.14
Total Stock Index: $28,786.16
Total Liquid: $100,221.77
Percent Change: 4.39%

Retirement Assets
Roth IRA (Target 2045): $6,064.44
403(b) (S&P 500 Index): $20,678.73
Total Retirement: $26,743.17
Percent Change: 10.72%

Total Net worth: $126,964.94
Percent Change: 5.66%

Standard disclaimer: I track my net worth on the last day of each month, so that it remains consistent based on the usual fluctuations in my monthly spending.



Also, I'm not planning on tracking my house as an asset, but maybe I should track my mortgage as a debt? What do you think?

Today I'm Grateful: My parent's generosity. I am so lucky that I got them.