Things are looking up, driveway is started, culvert is started. Dozer work should start next week. HOUSE IS DONE! Needs to get on schedule for delivery. Found out that we have until April 18th, not March to get things done! Also our lovely loan lady said if we didn’t think we could get things done by then, she could pull our credit now and then if we needed a small loan we could do so with no issues.
We can also use hubby’s retirement fund if needed, and it would not be a negative against us. He checked and it would be just a few thousand dollars difference over 30 years with the company, even if we took half of what he has in there now. You pay it back (with low interest) over up to 5 years directly from your paycheck. This is an attractive option as it is done automatically. Even taking out the max and paying it back as slowly as possible, its only a few thousand difference. If we pay it back faster of course it’s less.
Has anyone heard of this or done this? Any negatives we don’t know about? We plan on asking a tax person when we get our taxes done tomorrow to see if it is a negative on taxes. We’re thinking that the new homebuyer credit would counterbalance perhaps?
Landlady’s house she is living in is small but nice and of course would have no upstairs or downstairs neighbors and lower utilities, seems like. If we will have until April and can build the walls and stuff at our leisure, might do that.
I must say, this landlady sure sounds…..interesting. I’ve never heard of such a situation. And why would she want to move out of a house and into the apartments? And is she selling the house or what? It just sounds strange. It could end up being good-strange though. You may want to get something in writing before taking her place, as she has said several things only to turn around and do the opposite since you’ve lived there. A house, however small, would be good for you. As long as there are enough bedrooms for you and Keeley, you can make it work. At least it will be private.
How exciting to have progress on the lot! And what a great feeling to know the house is done and waiting for you!!
I would certainly ask about the retirement fund before doing anything with it. I would be leery of using it. Perhaps the tax man can help, or better yet, if you have a financial adviser.
We’ve borrowed against Jimmy’s retirement–I’d much rather pay ourselves back with interest (low interest) than a bank with a bit higher interest. And, it’s not like you’re borrowing that money to buy shoes and hair straighteners. It’s for your HOME.
So excited to read things are moving in the right direction for you guys 🙂