A couple of months ago, we started looking into getting a pool put in to our backyard. We knew we had lots of equity in the house since we got it as a bank-owned home and have put about $15,000 of work into it. With the market recovering and starting to take off again, we figured now was a great time. Or is it?
We bought our house a little over a year ago. Since that time, I have paid off our van, erased all but about $1,000 of credit card debt, and raised my credit score by about 60 points. I’ve also gotten a raise at work and just been very conservative in spending in order to get our ducks in a row. We are planning to do a mortgage refinance in order to get the pool; basically, going from an FHA loan to a conventional mortgage. We already had the appraisal done about 2 weeks ago, and that came back beatifully. We were supposed to close this week. And then…
Well, then the underwriter says that my “degree supplement” I get of about $2,000/year for earning my doctorate degree won’t count as part of my income since the school district office wrote “NOT GUARANTEED” on the employment verification form. WTF?!!! I immediately call the office to find out what that means since I’m clearly not going to give up a degree!! She tells me that while it would literally take an act of legislation to remove that supplement, they are required by the banks to write it on the form so that the district can’t be held liable should legislation change. Are. You. Kidding. Me?!!! I was so livid at this point.
That little tiny amount makes the difference between the loan going forward and not going forward. Because at this point, if I take something off the pool, the appraiser has to take another look at it and determine if that would impact the appraisal, which could change the entire mortgage. Also, our pool guy already put us into permitting because we were told last week we would close this week. GAH!!!
So after venting, cursing (a lot), and then finally calming down. I’ve come to a few conclusions. 1. It’s going to either happen or not. I’m going to continue to provide all of the information I can. I’ve asked the district to provide a letter explaining that it would take an act of legislation to remove my education supplement. Hopefully, that will make the difference there. 2. God is in control. Regardless of how frustrated, angry, or upset I get, God is in control. 3. I have a great mortgage team working on it, and I need to trust they are going to do their best. They don’t want to lose this deal any more than I do.
Today, my a/c unit has been moved from my back yard to the side in preparation for the pool. Whether we get one now or next year, at least that project is done. And we wait…man, I am getting really good at waiting…NOT! 89 days until the Navy selection board.