Whew wee... Loan Approval COMPLETE!

For the past week or so, Tyler and I have been silently FREAKING OUT! We were suppose to remove our loan contingency last Saturday but we still had not heard from the underwriter that everything with the loan was complete. We asked the asset manager (who makes decisions on the property since it is a foreclosure) if we could have a extension until the 22ND. They declined. We had two options: back out of the house and get our deposit back (which is $8,000) or remove the loan contingency and IF the loan doesn't fund we LOSE the $8,000. We didn't feel comfortable removing contingencies even though we were previously approved. Tyler received a raise last year and this year so his income is A LOT more than it was last year. So we have had problems with his income because it was a recent increase.

Finally Friday night, they agreed to extend our loan contingency on Wednesday (today) and we had to remove it by today. Monday came and went and nothing happened! Tuesday came and went and we heard nothing. We find out Wednesday morning that if we did not give them a answer by 5pm, they would re list the house. I was in a panic ALL DAY! Tyler and I were anxiously waiting by the phone. We were calling our lender, realtor, and trying to remain calm but we had not heard anything. We prayed and prayed that everything would work out. We also prayed that if it didn't work out that we would understand this is the Lord's will and this is not meant to be our home.

Well at 3:40 pm, we heard that we could remove loan contingency and we have met EVERY condition and qualification! Whewww wee! I was SOOO EXCITED!!!

We will now be closing on the house Nov 5th! We have two weeks left and we are soo excited to be homeowners! We have been saving and penny pinching and I am so glad to finally have something to show for it! We are so excited to not have to pay rent but pay towards a mortgage that eventually has a end! 30 years, but hey! ;-) It's an investment! And in this market- it's awesome. We have a super low interest rate, super low house payment and the opportunity to make money when the market picks up!