No real breaking news to report as of yet. We have submitted all of our records and financial information, which will now undergo the final review by an underwriter. The application process is taking a little longer that what it normally would, due to the mortgage program that we are using. Both Jolena and myself have never owned a home before, and as you may know…there are several products out there for first time home-buyers. I wanted to take this opportunity to highlight the specific program that we are applying for.

After speaking with Greta at Countrywide, we decided to apply for a loan through the CDA, or Community Development Association. In our case, we were able to apply for a fixed rate loan with no down payment. The interest rate is low, and the program will allow us to get a good house while keeping the payments manageable. The CDA is just one of many programs designed for new homeowners, all of which are definitely worth looking into. The application process takes a little longer, due to the fact that we have to qualify with the CDA to use their product before we can be approved for a loan through Countrywide. If it means getting the keys to our first home, the extra time and effort are well worth it.