Philk

Been in the US for 15 months now and we recently started looking around at houses. We happened to find one we really liked but I thought that as a relatively new arrival I'd struggle to get a mortgage.

Went to the credit union that we joined when we arrived and went through the process. I was surprised to find I had a good credit score and an hour later we had an approval letter - so now we have to decide if we really are serious about buying.

For $176,000 we can get a 1909 farmhouse with a modern extension, porch, Michigan basement, garage with workshop and 1 acre of grounds including our own pond. In GBP prices it's 112,000 - I couldn't even get a one bedroom flat in the rough area of town for that price where I used to live. And the mortgage plus insurance will be $200 a month less than we're currently paying in rent.

Anyone else taking the plunge?

Speedwell

Taking the plunge? I think I'll bid against you

Jan Alaska

Thats a great deal and to think Michigan house prices are on the rise !

AilsWallace

sounds very nice! hope you get it

NatashaB

Good luck! I hate to pee on your bonfire, but approval letters don't mean a whole lot... there's a lot more digging to do once you put in an offer and the underwriters look at your file (although as long as you can substantiate everything that you told them when you got the approval letter it shouldn't be an issue). Our 3500 sq ft house here cost the same in $ than our 1000sq ft one in the UK did in pounds... still boggles my mind!

What's a 'Michigan basement'?

Jan Alaska

Michigan basement is a dirt or unfinished basement, in farmhouses typically used as cool store rooms.
I store canned goods in mine

NatashaB

aha - never heard it called that before!

Yorkieabroad

From the tone of your post, I think you have already decided!

Good luck...it sounds great

Yorkieabroad

At least it's at the right side of the house.....Texas basements are in the attic!!

Bink

Good luck! Nothing like a place you can call your own.

Pulaski

Our 2,800 sqft house here cost about the same $ as our 700 sqft house sold for in London, but came with enough land to build the entire street, both sides of the road, back yards included, all 84 houses! Our neighbors now include deer, raccoons, several species of turtles, and ground hogs, among many other smaller critters.

joto

When you have decided on "the one", get a thorough inspection done in case it has any construction, rot, electric, plumbing, asbestos issues. It will cost a few hundred dollars, but could save you thousands down the road.

Nutmegger

Seconded -- and ask to see the past year's utility bills; an older house can be very expensive to heat.

Michael

Does that include property taxes? If it doesn't, it still may be cheaper than renting since both mortgage interest and property taxes can be used as deductions and when deductions become greater than the standard deduction, the savings is at your highest marginal tax bracket.

Rete

You have dirt in your attic?