Still trying

I guess the meeting with the lender yesterday was pretty interesting. When I went home and got to go over the numbers, it was very confusing, very convoluted, and it just might work. We still have yet to see a good faith estimate, but if it all works out, we shouldn't be paying any more per month than we would have with the first lender.

How it's probably going to work is we put an addendum into our purchase and sale agreement that the seller will put $15K+ into an escrow account. Our loan amount will bump up to cover that $15K+, and so the seller will immediately get their money back. So we get the house, with some conditions on it (basically a list of things to fix), and we don't get the money in the escrow account until the conditions are met (no receipts, etc. necessary, just a walk-through, visual inspection/appraisal thingey). In the meantime, we put about $15K down on our loan, which was the money we were going to use to fix up the house. Then we get a home equity loan for about $15K, do the work, and then we get our money back out of the escrow account, which we then use to pay off the home equity loan.

Um, yeah. Something like that.

It sounds like it will work. We signed the PSA addendum last night, so now today we have to wait and see if the seller will accept it. If he doesn't, then that's that, end of story, bye-bye house. We'll see how it goes. I'm not going to get my hopes up until we close and I actually have the keys to the house in my hand.