May 27, 2011

Down and down it goes

Back in 2004, before the housing market went all topsy-turvy, we purchased our first home with a VA Home Loan, the process itself was easy and pretty fast and I would do it again, in fact I house hunt weekly and drool over where we *could* live. Problem is, the value of my house has dipped so much, I can't even do a FHA Streamline Refinance. However, I view this as a blessing. It means we can't jump into a new home without taking the proper steps first. That means 20% down, and a 15 year mortgage with payments plus insurance being no more than 25% of our take home pay. Until then, we will be happy renters and be thankful we found a house that we can fit into, with a good school district, GREAT neighbors, and allowed us to keep our pets. So, if we can't sell our house in Colorado, and we can't but a house in Washington in a while, I guess it's not all bad. We will call it a 5 year plan.

No comments: