In 2008 my wife and I finally reached Tennessee. I am in the military, so bouncing around is a way of life. We had just returned to the states from Korea, and were ready to settle down.
Upon getting here we looked at apartment after apartment, but we didn't understand the point of spending $800.00 a month on something that wasn't even ours. We found an add on craigslist for an 8 bedroom house for only $50,000! It was in rough shape, and foreclosed on, but we decided to give it a look.
Once we saw the house, my wife told me that I was insane, and that it would be way too much work to restore it. Work that I wouldn't be able to do, as I was about to deploy within the next year. The woman who was showing us the house told us she had something else in which we might be interested in.
At this point, we weren't even really in the market to buy a house. We had gone to see the 8 bedroom just for fun, but decided to look at the next house as well. It was located in down town Clarksville, very close to Austin Peay University. It had also been foreclosed on, and only minimal work had been done to restore it.
It was a 2 bedroom house, with one bathroom, and a tiny kitchen. I'll be honest, it wouldn't have been my first choice, but my wife wanted it. We bought the house in March of 2009, and still live there to this day.
I have done a lot of work on the house to make it something in which I enjoy. A lot of knocking down walls, and putting up dry wall. I suppose the house is more of an investment, as I do not want to live here the rest of my life. Its a good starter home though, as we have no children.
There is still a lot of work that needs to be done, but I am grateful that we bought the house. Our mortgage is only 15 years, and we're already 2 years into it. I am excited to completely recreate this house, and my wife continues to enjoy living here.
I was in Afghanistan for the last year, and just returned home. It was nice to come back to something that was mine, a sort of proof that I was over there for a reason. While I was gone my wife also did a lot of painting, and got new carpet.
We're a young couple, only 22 and 23, and I have to admit owning our own home feels like an accomplishment.
According to the FHA lending guidelines, is it possible for escrow to be paid out of packet instead of rolled into the loan? What are the guidelines for a 2nd time home owner? These are answered below…