First Home Buying Experience

February 1, 2016

First Home

Over 25 years since I embarked on my first home buying journey. First of all, I had terrible credit but I was determined to take action and improve my credit to achieve my dream to own a home. The process wasn’t easy and it took a couple of years to raise my credit score high enough to qualify for the program. Next, I got pre-approved and found a Realtor to show me and wife homes in the Chicago area and we finally found the “ONE”. The house was a charming Victorian and it needed some work but we loved this house so we put in an offer and it was accepted by the seller. Woo Hoo! I was excited, nervous, and scared at the same time. My next move was to secure the mortgage and I submitted my paperwork and waited for underwriting to reach a verdict. I got the call and my loan was turned down because my credit score was too low. I just paid off the remaining balance on a student loan which was delinquent but the university didn’t report any payments I made on a payment plan for several years. Apparently, when I paid off this debt the university reported the balance as paid off as well as the late pays from my last payment several years earlier to the present date. My score dropped 40 points. Ouch! I was sweating bullets and I thought I was going to lose the home but I got the university to report the payments on-time. My loan finally got approved and when I finally got to the closing table I was humbled by the fact that I was a homeowner.

I thought life was great until I felt the drops of water hitting my head during a rain storm on the first night in our new home. My wife cried and she thought we had made a big mistake to purchase a home. We fixed the roof and a million other things in that lovely old Victorian but despite all the repairs we still loved our home. I have wonderful memories of spending time with my family and sitting on my front porch on our tree-lined street and I have no regrets buying that house.

I have bought a few more homes over the last several years and I still love being a homeowner and I would never go back to renting again. Yes, sometimes I bark about shoveling the driveway or cutting the grass but there is nothing like the sanctuary of your own home. I look forward to Memorial Day Weekend every year when I put some steaks on the grill and share moments with my family and friends on a nice sunny day. I am so grateful to have a roof over my head and I am living the American Dream. Please don't miss out on the opportunity to own a home and create memories or your own. Don't wait a second longer and start on your journey to homeownership today.