So to sum things up the home transition hasn't gone as smoothly as we had hoped. On Friday January 9th I received a phone call from our credit union our loan officer informed me that "our home" was zoned R5 General Business District. This credit union and all others are unable to loan on any residential property not zoned R1 or R2. Being Friday afternoon I panicked. After calling our agent we found out that the property could likely be financed through a different lending institution. We contacted our lawyer and thought the ball was rolling. Unfortunately not.
To make an incredibly long story short... we're not buying the house. Due to the zoning and the current lending crisis involving Fannie Mae and Freddie Mac very few banks will finance our choice in homes. Fannie and Freddie have tightened their regulations for mortgages that they will purchase on the secondary market. Few lending institutions are willing to take the risk of owning a mortgage that they can't sell. We contacted the Mayor and zoning board of Tully, all of whom informed us that although they'd like to help there isn't away way that they can rezone the property. By January 13th we called at least a dozen banks/ credit unions, spent $950 that we can not get back, and exhausted not only our selves but also all of our options. On the other hand by January 13th we had also learned far more about; financial institutions, real estate, each other, and our determination than we has anticipated.
After a lot of discussion Brent and I decided that the risk of owning a home that we may not be able to sell when we're ready to move on is one risk that we're not ready to take.
So back to the drawing board. Everything happens for a reason right? I'll write more as our search continues.
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