Thursday, June 11, 2009

Plan B

Our new timeline:

Eddie finds a job *right now*!

Receive grant from Mt. Saint Mary College/St. Luke's Hospital ($10,000)
Receive RECAP grant ($24,000)

Apply for mortgage. This time, if we get the grants (to cover the 20% downpayment), we'll try for a traditional mortgage and renovation loan. Hudson Valley Federal Credit Union offered a great rate for that combined loan (less than 5.5%) and the closing costs were half what it is for an FHA loan. Plus, no mortgage insurance.

Close on the house. Maybe. Hopefully.


  1. I need to email you tonight! I'm SO behind it's not even funny.

    BUT!!!! I'm really glad to hear that HVFCU has something that could work for you. I think you'd be much happier going that route than dealing with all of the FHA nightmares.

    And yes, go go Eddie! You can do it!

  2. I am glad you have a Plan B. Where there is a will there's a way!

  3. Please blog more about the grant from Mt. Saint Mary College/St. Luke's Hospital and how you get one. This would be great information for others trying to do the same.