We have a loan again! (Housing update)

[professionalhenchman]

So, thanks to Shelley Duckart, the loan officer at USE credit union, going out of her way to find someone she could refer us to, and passing along all our information, we've found a lender who's approved us for a FHA loan, and talked with our realtor about getting all the papers needed on that end out in time (Tuesday) for us to be abel to keep moving forward on the house.  Sarah and I will go in to Roseville sometime next week to get the paperwork signed.  It's looking like we'll have a slightly higher interest rate (4.8something rather than 4.6something - negligible), but a better monthly payment, and possibly won't need as much of a down payment.  Overall, it looks like this may work out to our advantage, though I didn't need the increase in blood pressure.

The home inspection seemed to go well - the biggest problem that jumped out was that there's some evidence of tree roots damaging the concrete walkways, and some concern that unchecked it could crack the slab the house is on.  We'll be hiring an arborist to come inspect more closely.  Also an HVAC specialist to look at some other possible issues that may need minor work.  I'll be reading through the thick report, but nothing else jumped out when the inspector went through it with me - the rest was all cosmetic and/or easy minor fixes.

Here's hoping things go without any more hitches, that last one was a doozy.

Comments

[whalejudge.livejournal.com]

Huzzah!

[cahwyguy.livejournal.com]

Good. There always seem to be hiccups and surprises (we even had a few with our recent refinance... and you have a good rate even at 4.8% (we refi'd at 5.125%, down from 5.625%).

I'm also glad the inspection went well. As I said before, look at the water sections of the report, as those can be more of a problem. You learn more with each purchase and things to look for.

But it's always an adventure, a grand adventure... and one with reasonable tax benefits. Do be prepared for the closing costs (you usually pay one months interest in advance, plus they'll want some portion of property taxes... plus you probably want to go shopping for the fire insurance now). I'll note that we've been pretty happy with AAA for the homeowners, and they gave us (at least here in SoCal) a pretty good rate as we have them for both auto and home.

Just keep hanging in there... you'll make it through.

[groblek.livejournal.com]

Yeah, the water sections on the report seemed pretty good, at least from what he went over with us. The lenders we've dealt with so far have been good about preparing us for what the closing costs will be, so we're set there. It's good to know about AAA, as they're who we were planning to get insurance with - they're our auto, renters and life insurance providers right now.

[terpsichoros.livejournal.com]

It's unlikely that tree roots would cause significant damage to a foundation slab built after about 1990, or even much to one built earlier.

But - foundation slabs are actually somewhat flexible; more so than the sheetrock and stucco attached to the framing above them. A foundation slab can move and flex, and the framing flexes right along with it, and the structure is fine, but there are little cracks all over the place. However, unless the house is on sand, the soil has been swelling and shirnking each winter and summer, and the slab has been moving with it; the tree roots won't be much worse.

AAA is a good choice for you if you're already with them for other insurance; most incurance companies (including AAA) give significant discounts for multi-line policies.

[groblek.livejournal.com]

Good to know, thanks. Hmm, that could explain the painted-over small cracks along the wall. We'll probably still have the arborist come out, as I'm inclined to take the home inspector's advice on what we should have looked at in more detail, but still good to know.
For age of structure, this one was built in 1981.

Yeah, we're already getting the AAA multi-policy discount, and appreciating it, it's one of the reasons we've been planning on having them do our homeowner's insurance.

[lyahdan.livejournal.com]

Definitely have the arborist look at it. I'd worry more about pipes, depending on the type of tree and the type of pipes. Though I think that section of town is newer and would have better pipes than some of the sections downtown. But people plant things without doing any research (I cringe seeing willow trees in the front yard).

Also, if the roots are up top and causing that kind of damage, it can mean that they were watering too frequently (common when folks want green lawns when it's 110). The roots can get tons of water by growing shallowly along the surface instead of having to dig down for it. This creates issues with sidewalks and makes the tree more likely to get blown over in a windstorm someday. Mulberries are notorious for lumpy, shallow roots.

[cahwyguy.livejournal.com]

A foundation slab can move and flex, and the framing flexes right along with it, and the structure is fine, but there are little cracks all over the place.

This can be especially true depending on the nature of the walls. In our house down here in Northridge (built in 1962), we actually have plaster-wall as the walls (it was a more expensive house) vs. drywall, and we get cracking all the time.

[kevinbunny.livejournal.com]

Woo! Congrats! We'll save the champagne and cheese until the paperwork is finished and they hand you the keys, of course.

[agengrgal.livejournal.com]

Yep, Shelley is OMG awesome! When things close, (just a suggestion if you're interested), give her a decent bottle of wine (I gave her a bottle of Ironstone Symphony Obsession; another I've liked recently is Snoqualmie's Sauvignon Blanc) and tell her you heard she'd like it. She's just really that awesome and I'm glad you worked with her!

[groblek.livejournal.com]

Good idea. Hmm, I wonder if she'd like some cordial...

[davefreer.livejournal.com]

Hope it works for you guys this time! We're in the throes of trying to sell.

[groblek.livejournal.com]

Best of luck to you as well - I've got no idea what the market's like over there, but here it's certainly not a good time to be trying to sell.

[battymaiden.livejournal.com]

Whoot! I'm glad this is all working out.