So long Chase!

And hello Bank of America!

After more research, Brian and I have definitely decided that the 203(k) loan is the loan for us. The only problem we discovered is that Chase does not offer the loan. Unfortunately for Chase, we both really want to pursue this loan and set out to find another bank. According to a list of 203(k) certified lenders provided by HUD, Bank of America was able to help us. So I called the listed office where I was told that they did in face deal with this type of loan, but that the loan officer was not in at the moment. After exchanging contact information with the receptionist I hung up, planning to call the loan officer back once we had researched the house a bit further.

Not 20 minutes later, and my cell phone is ringing. It was the loan officer at the bank, wanting to answer any questions I had about the 203(k) loan. I admitted that I only knew what was listed on HUD's Web site, and that it really seemed to fit our needs. She proceeded to tell me all about the loan- requirements, what we can do with it, the works. She added that out of the nine 203(k) loans she has worked with, all have closed successfully. Always a good thing to hear.

She did tell us that we would need to go through the approval process all over again, since this is not just an FHA loan. She said that once we faxed the necessary five or so documents, we should hear back on the approval within 24 hours. Another huge bonus. She was very knowledgeable on the loan itself, but didn't want to overwhelm me with too many details on the phone. After we have been approved, we are more than welcome to set up a meeting face-to-face to discuss the extent of the loan and loan process.

I did mention that the house we had in mind (Grace Street) needed quite a bit of work, especially in the kitchen. I also mentioned the mold in the basement. The loan officer assured me that all repairs, especially those to make the house inhabitable, are permitted in the loan. Basically, unless we are installing a "luxury in ground pool or hot tub" in the back yard, we are set to go. She even said that she dealt with a 203(k) client where the house was struck by lightening two days before closing, destroying the house. Even those repairs were covered by the loan. Let's just hope that never happens to us.

Brian faxed all of his documents in tonight and I will be faxing mine in the morning. I hope we hear back from her sometime tomorrow on whether or not we are approved. Brian's dad and uncle are going out to the Grace house with our realtor tomorrow evening to check it out. Brian can't make it, and we agreed that me driving all the way out there after work is a waste of time. I trust his dad and uncle to determine if this house really does have potential, or if we are wasting our time and money. I hope they see the potential, even more than that I hope the mold in the basement is the result of turned off utilities or another one time issue, not the result of a reoccurring problem.

Ideally, we will get approved tomorrow, and get the OK to proceed from Brian's dad and uncle. If that is the case, we will try to meet with Anthony on Sunday to draw up a contract. Ideally. If that is the case, then we get to sign our lives away (again) and wait (again). We just hope that this time we don't get outbid.

There are still a lot of maybes in this scenario, none of which are very comforting. I do find it comforting, however, that we have found a loan that really suits our needs and hopefully a very capable lender. Let's just hope the house follows suit.