Really bummed out today - just sent an email to my realtor telling him I won't be buying a house now. Two days ago, the lender sent me paperwork with approximations of all the costs, fees, escrow, money to close, etc, and there were several things in there which I'd not expected.
Long story short, I couldn't justify the ridiculous, I'll call them "unrecoverable", expenses related to this home purchase, most of which has to do with the fact that since I have a foreclosure on my credit report, I'm forced to get an FHA loan, which has several extra fees required. (Not to mention the fact that those fees pushed my monthly payment a couple hundred higher a month than I was comfortable going.)
So, I've decided to stay right where I am for another 4 years or so, until I no longer have to go the FHA route. The "unrecoverable" costs I mentioned total over $10k, even if I paid it off in less than 3 yrs, so now, I'm trying to figure out what I can do to make my current place more livable for between 10-25k (25k being the down-payment I was going to drop, which didn't even include the other fees). I'm making a big list of projects, and I've decided that I'll have to approach things as if I'd just bought this place and am in the process of renovating it, sort of like I would've done had I bought a new place.
Many of these things should be inexpensive, just labor-intensive. And not having a huge mortgage payment will allow me to pay cash for most all of this renovation work. I likely will never get back all the money I'm going to invest, but if it makes life here better/more comfortable, I don't think I have much of a choice. It really is the smart thing to do, but it's made me a saaaad panda... :-(
7:37 p.m. - 2015-06-02
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