Buying a house

We are trying to buy a house.

This is how it happened:

We were preapproved for a loan a few moths ago, and were going to maybe look for a house to buy this summer. We are always looking at homes for sale in the area 'just in case.'

We found this 6 bedroom house for $50K. We thought it would be fun just to go look at it since we really have no intention of buying a house right now. Not to mention, it's out of our price range.

So, we call to schedule a look-see. Now, I'm not sure if you understand the housing market right now, but it is very hard to get a loan, so brokers won't show you anything without a preapproval.
Our preapproval was expired, so Kirk (our broker) referred us to Sheila (a mortgage specialist).

Wow. We found out we are preapproved for an FHA loan. Double wow. This 6 bedroom house falls neatly into the price range we were approved for. Triple wow. We looked at the house and it is awesome!

It's a bit scary because everything is moving SO fast.

We called last Tuesday, were preapproved Thursday, looked at the house Friday, signed the contract and wrote a check as a good faith deposit on Saturday, the seller accepted out offer Sunday. Today is Wednesday and we are going to go apply for the loan itself (and write another big check). Whew!

Underwriting should take about 3 weeks, the government looking at the loan should take another 2 weeks, then a week for everything to come together, then closing. Closing is scheduled for June 30th, but our broker said it will probably be a week after that.

The thing I am most afraid of is our bank statements. I needed to supply 2 moths worth, and both of them have NSF charges. Figures. The only ones in 2 years with overdrafts!

Other than that, as long as nothing changes, we should get it.

I'm trying not to get too excited in case the loan falls through, but 6 bedrooms!!!!!!!!!!!! Wowie-wow-wow.

Psst* I've laready been to Lowe's to look at paint and carpet colors. Ssssssh.*