A few weeks ago I shared with you all that we were going to go take a look at a house. We didn’t necessarily consider ourselves in the market to buy a house, but hoped that looking at the property would provide the motivation we needed to start seriously considering taking the plunge.
Since then we have looked at several more properties and have actually started the application process for the HOME Rochester program. From there we basically need to do the following:
- Be approved for the HOME Rochester program
- Qualify for a conventional, fixed-rate mortgage
- Find the right house (in the right neighborhood)
This afternoon we received the following letter from our bank:
Dear Shane and Cheryl:
We are pleased to inform you that you have been Pre-Qualified for mortgage financing.
Pre-Qualified Interest Rate: 5.5%
Pre-Qualified Term: 30 Years Fixed
Additionally, you are eligible for a $5,000 FHLB interest rate buydown grant.
The buydown grant gets applied to the interest over the life of the mortgage and essentially brings the interest rate down to about 4.8%.
One down, two more to go.
Our application for the HOME Rochester program has been received and we are expecting to hear back from them any day now on whether we’ve been approved. If we are it’s just a matter of finding the right place!