Why Is This So Difficult?
I don't know about you, but I am already fed up with the mortgage process. I thought that being second time homebuyers, it would be easier. Boy, was I stupid. It's just as stressful as the first time, if not more! We went with a mortgage broker because in my research, I found that they have more options for you than normal lenders. In our preliminary discussions, he tells us we are eligible for a USDA loan that has no downpayment and a really nice interest rate, and he sends us on our way. We find a home. We put in an offer, and I email him to let him know. He then calls me to tell me that we can not get the USDA because he neglected to tell me that we could not look at doublewides and the home that we put the offer in on is a doublewide. (Where we live in VA if you are looking to move to the rural areas, there are more doublewides than houses.) So, this changes the whole ball game completely. Now we are looking at coming up with a bigger downpayment, a little higher interest rate, all the while our house is set to be sold. Not to mention all the paperwork that you have to come up with multiple times.
All this makes no sense to me. We are current homeowners who have shown that we make our payments. I could understand the red tape and hoops to jump through if we were first time homebuyers or even had bankruptcies or foreclosures on our credit. But we don't. I understand that when the housing market crashed, the government cracked down on lenders and such, but they shouldn't make it so difficult for us regular people! I keep half expecting the guy to ask for our blood types or something. They seem to need everything but the kitchen sink!