Nevermind about the loan. Forget about the down payment assistance. Our wish isn't granted. Just like that, it was over.
IHDA, the program that was supporting our mortgage loan and providing us with down payment assistance, decided we weren't worth it after all. Two days before we were set to close. The worst part is, they based that decision on the time off I took after giving birth to Emmie. Because I wasn't working those months in 2012, we didn't make enough to be eligible.
We are devastated.
The broker has offered us an alternative, a loan with a .25% higher rate, but credits to make it more affordable at closing. Still, we thought we'd be able to retain most of our savings, and instead most of it will be gone.
It's not the worst scenario. We didn't lose the house entirely or our earnest money. But we're disappointed and dispirited. Why did we think we were deserving of a chance? Because we were told we were. Because we had emails proclaiming, "congratulations" and "we have received approval for the IHDA loan."
Yet, I knew it was too good to be true. Everyone has to pay their down payment, why would we be any different? I have already learned the lesson that money doesn't fall out of trees. Apparently, I didn't learn it well enough.
We're scheduled to close in less than 48 hours. The walk-through will happen right before, at 8 a.m. on Friday morning. Right now, I have no definitive answers as to how much money we will have to pay at closing. My confidence is all but lost.
Our dream of owning a house is growing smaller in the distance again.
Tomorrow is Bruce's and my four-year wedding anniversary. I'm pretty sure we won't feel like celebrating.
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