CSS Drop Down Menu by PureCSSMenu.com

Our Dream Home Almost Slipped Through Our Fingers

Tuesday, July 17, 2012

For my husband and I, buying our first home together was the most important moments in our lives second only to getting married. It was 2008, and we were planning our first move as a couple to Dallas and getting ready to start a family after eight years of saving up.

But it almost didn't happen. When we finally found the home of our dreams, the asking price was higher than what we could afford. Even after negotiating a lower price, we were still short of the 20% down payment required by the lender. Neither of our mothers were in a position to help us out and we wanted to avoid taking out a second mortgage to make up the difference.

It felt like our dream was slipping away until our realtor told us about private mortgage insurance. PMI is a financing tool that assists home buyers who don't have the full cash down payment by securing the mortgage loan. Thanks to mortgage insurance we were able to buy the home we fell in love with. We did not have to walk away and wait until we until could save more money. Our mortgage insurance premiums were tax-deductible which is another reason it was an attractive option for us. Plus, we could cancel the insurance once we built enough equity. It was win-win for us and our lender.

prairie sytle home
Home Sweet Home
We lived in this beautiful home for four years until we moved again recently. Leaving it behind was bittersweet, but we are looking forward to finding our next dream house in our dream city...in East Bay, California!


Photobucket

12 comments:

Help! Mama Remote... said...

This is a beautiful home!!!!Buying our home was truly an experience.

Mrs. Pancakes said...

I'm sure you will find your next dream home....should be fun looking!

Christa aka The BabbyMama said...

Love that house! But I can understand why you'd move, too :)

Heavenly Savings said...

Good luck on your future endeavors! I am sure you will be able to find a dream home and make it everything you want it to be!

Lena & Alex said...

Great home. I am not a fan of PMI though

Suburban Style Challenge said...

I've never heard of PMI, but we aren't looking to buy anything just yet. Beautiful home! Here's to hoping you find your next dream home quickly!

Still Blonde after all these YEARS said...

What a gorgeous home. I am glad you figured out a way to make it work.

Teems said...

Very nice! I am looking forward to buying my own home one day...

Kristin said...

I LOVE that house! Can't wait to see where you go next...we're renting right now but would love to buy again.

East9thStreet said...

I bought my first home at 24 years of age and had to take out PMI because I didn't have the full 20% down payment. I ended up selling that house for 35% more than I paid for it so definitely worth the PMI fees!

LOVE MELISSA:) said...

So nice! Glad you figured it out! I loved buying my first house!

Kim said...

It is a beautiful home and you'll find another. It's such a sweet feeling that first home - the knowing that you (and the bank) own it.

Related Posts with Thumbnails