Last week we received word that we were pre-approved for a 30-year fixed rate mortgage at a very modest interest rate through our bank. Additionally, we qualified for a $5,000 “interest rate buydown grant” that would effectively bring our interest rate down to under 5% for the life of the loan.
With that victory under our belt we held our collective breath while we waited to hear from the city on our application for the program.
We received a letter while we were away over the holiday weekend asking us to schedule a time to come in for an interview with a representative from the City’s Bureau of Housing & Project Development. As it turns out, the “interview” was merely a formality as all we really had to do was sign some paperwork agreeing to the terms of the program.
This essentially means that we can take advantage of up to $6,500 dollars in city, state and federal grants to help cover the down payment and closing costs.
At this stage in the game all we really need to do is find the right house. If we found the right place, there’s really nothing keeping us from pulling the trigger right on the spot.
We looked at one today that has some potential. It’s in the lower 19th Ward which is actually a nice little community (for the city’s west side that is). Location isn’t quite where I’d want to be, but the neighborhood was definitely one of the better ones we’ve explored since beginning to look for houses in the city.
That’s all we have for an update right now. Stay tuned!