The option of G renting his friends' house has fallen through. The bank decided they didn't want to work with his friend anymore and went forward with the foreclosure. So we have to figure somewhere else for him to go when his lease is up July 1st. He could stay at his current place and do a month to month rental, but we're trying to get out of that place so he's not paying $1,300 a month for rent anymore. We talked to my dad last night about buying the house and he said he would sell it to us for what he owes on it, which is around $110,000. He said that G could move in there before we buy it. So it looks like that is what we will do.
I'm going to make an appointment with a mortgage loan officer at Wells Fargo later in the week to see what I can get approved for. I think we're going to put the house solely in my name for now since G has the foreclosure on his credit. I really just need to see what my options are. Hopefully everything goes well and I can get approved for it and get everything started. It will help my dad out a lot because he'll only have one mortgage payment rather than three. And he's also in the process of trying to refinance his house in Utah to get a lower interest rate to lower his monthly payments. Plus help us out because right now, I'm estimating our payments to be around $700 or so with insurance. Which is a huge difference from the $1,600 we are currently paying between the two of us. It will allow us to save money and also pay extra every month on the mortgage to get it paid off as quickly as possible.
I am nervous and excited. Buying a house is a huge step and there's a lot involved. But the fact that I'm buying it from my dad, I think it will help make it a little easier as long as I can get approved for the financing. So here's to hoping this process goes smoothly.