Home Expansion - mother-in-law moving in
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 18% |
| Lender Rate: | 15% | Borrower: | wondermomto3 |
| Finished | State: | CA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-08-02 | EricsCC ROI: | 11% |
| Status History | |
|---|---|
| Aug 01, 2007 | Current |
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My wife, our identical twin daughters (nearly 2 years old at the time) and I moved into our 2 bedroom, 1 bathroom house with a converted garage 2 years ago. It was a fixer-upper in a pretty good neighborhood. I have been a fairly successful do-it-yourself-er, so I remodeled the kitchen (left the nice tile floor and had a professional do the countertop). Knowing that we wanted to have another child and continue to fix up and expand the house, I have been working 12-hour shifts 5 to 6 days a week for some time. Adding square footage to our home is a bit beyond my do-it-yourself skills, not too mention permitting. This past October, with the birth of our third daughter, space has become a premium. Also, my mother-in-law, whom I do love dearly, is coming to live with us. She is selling her condo in the Bay Area and moving in here with us will help us all. We have no family here and very little support aside from one good friend. My wife is a graduate student, pursuing her graduate studies while staying at home with our children. We intend for her to work outside the home 1 or 2 days a week, eventually, and my mother-in-law will make that a more reasonable possibility for us all. Our four year olds are learning to read, do simple math, and are learning ASL as a second language. I would really like to be around more to be part of that and also to just enjoy my family. With my mother-in-law moving in, there is a very real possibility of my wife and I occasionally getting out alone together. That really absolutely never happens. For now, my mother-in-law will cram into our converted garage, which has been serving as my wife's office/classroom. It will be cozy, but we all get along very great. That is a big part of why we need this loan. We would like to continue getting along great, and being able to spread out a bit would not hurt. We tried going for a construction loan, and although we were great on paper and absolutely capable of making the payments, the loan to value ratio was a few points too high. Construction loans can only go to 85% loan to value, we were almost at 90%. We couldn't just refinance - not enough equity in the house as it is, yet. We have two lenders that will work with us to refinance everything after the project is complete. We just have to do whatever it takes to finish. We had some money saved and took out a couple small but high interest rate loans, then went ahead and started our home expansion with a wonderful and patient builder. He took us on knowing we would start and stop the job depending on when we could get sums of money together. We are better than half way through the project. When it is all done we will have a very comfortable 4 bedroom, 2 bathroom home to share. At this point it would be better to finish sooner than later and make payments. Also, making payments over time will allow me to work a bit less, affording us more family time from here on out. There is always plenty of nursing work available to me and therefore I am quite easily able to make payments on this loan. We have been home owners for 2 years and have never been late on our mortgage or any of our other bills. We take our credit very seriously and are honorable people. Our mortgage is high but we have very little other debt. We own our cars outright, and are good at cutting costs wherever we can - we use cloth diapers and wash them ourselves, we stick to our grocery lists, and we get most of our entertainment by going on walks. Monthly net income: $ 9000.00 Housing: $ 5,000.00 Insurance: $ (included in mortgage) Car expenses: $ 280.00 (gas and insurance) Utilities: $ 200.00 Phone, cable, internet: $ 150.00 Food, entertainment: $ 1000.00 Clothing, household expenses $ 50 - 100.00 Credit cards and other loans: $ 800.00 Other expenses: $250 (cell phone, life insurance, & contribution to money market) Donations: $30 |
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