HUD loan application looks good

The gal that helped me with the HUD paperwork said everything looked good.  My income level is low enough for a possible 0% and deferred payments until the home is sold.  I was surprised how quickly the people at the city moved to get all of the paperwork done.  Of course the paperwork will take time to work through the government system.  I suspect that it is difficult to find a low income person that needs major repairs done, but still has a good debt to income ratio and credit rating, it can be very expensive to be poor and in debt. Thankfully I have had time to learn how to live frugally and most of the improvements I have made save me money every month.  I still need to see the loan paperwork and read the fine print before I sign all the loan paperwork as there might be a government “poison pill” that makes the loan unacceptable.  Worse comes to worse, I’ll get a small signature loan from the credit union like I did for the fireplace.  The interest rate will be a lot higher but I won’t lose my house if my income gets cut.

I have been rethinking the idea of getting a used ATV this year. I could buy a used small yard tractor/mower for a lot lower cost and I could use around my house right away.  With the garden wagon attached to the lawn tractor we could move heavy loads but not invest as much cash upfront. Plus a small yard tractor would be useful on the “future farm” until we could afford the used ATV. I might be able to afford a small trailer and install a trailer hitch on the Kia for around a $1000.00 as a short term work around for buying the truck.  Plus it won’t hurt to have a trailer for the farm after I get the used pickup.  For the used 1/2 ton 4×4 pickup I am looking at a cost around $3500.00 for a dependable older vehicle.  It will take time to save up that much cash for the pickup, but once I have the truck I can put it to use right away hauling in rock, soil and other bulky items needed here at Casa de Chaos.

I need to keep adding more solar panels as they go on sale as well as adding some smaller panels and “power packs” that charge small electronics. Here at Casa de Chaos I have made a rule that things that need electrical power must not add to my power bill. So far Solar power seems to be the most practical backup electric power system for my budget.  I don’t think I can power the whole house but I should be able to keep a few lights on and power a small fridge and freezer along with a few small electronic items.

Last but not least I’m reworking the monthly budgets to have a monthly focus/goal. For example January seems to have a good sale on tools and I already got the rigid side greenhouse. February is shaping up for buying soil and planters for the green houses I will need to get the plants started. In March looks like getting the cistern/water tank will be the major purchase for the month.  April will be adding a few dwarf fruit trees and then May is planting the garden.

I consider myself a prepper, but I also seem to have a “homesteader” bent,  that needs to find a spot in the country.  This year I will be gathering the tools, skills and knowledge that will help me when I find a place in the country.  I have been blessed with having enough time to work and programs that have make things possible.  I want to make a small “food forest” on my city lot. Having Mom’s chicken house and run ha shown me how to raise birds.  I have made a lot of mistakes with my raised bed gardens but I have also learned a lot about raising plants. I have learned a lot about making minor repairs around the house and have been getting the right tools for the job.

I am an optimist, and I see how far I have come in the last few years. I’m in good shape on my preps and on most of my finances. I still have a bit of work to do but overall I’m very pleased with my progress.

 

 

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2 Responses to HUD loan application looks good

  1. kimberly says:

    I read your posts religiously, even if I miss them for a few weeks, I always catch up. My husband and I moved to the country 6 months ago. What we did was sell our house on a rent to own program (luckily I have the knowledge to do the paperwork myself) and purchased a fixer upper on 5 acres with cash. Also doing my own closing, saving us money.

    My point being, by watching for a ‘for sale by owner’ opened us up to being able to purchase more land, and by being flexible with the purchasers of our house, we made the move. But, I stipulated to the buyers of our old place that I will evict them without hesitation for late payments, and no refund.

    We had a lender, but we didn’t want a large mortgage so that we could retire mortgage free. And, a lender makes it difficult to purchase a fixer upper that you want to live in while refurbishing it.

    It takes a lot of research, but you can find a seller who just needs to unload a property. I found ours on zillow.

    We are working our butts off at the new place. But we are mortgage free for the first time in our lives.

    • Jamie says:

      kimberly: Thank you for reading my blog that means a lot to me.

      As far as the city house and the country place I’m still in the planning phase.

      Another possibility I considered is a trade for some one who wants to downsize and live in town but still have a garden and trees. Sort of like a mini-farm in town.

      Congrats on being Mortgage free, that is a dream of mine for the future.

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