Well, hubby and I have finally taken the first step in to home ownership. We signed the contract on a house. We were very specific in what we wanted and what we were willing to do for a house. We wanted no down payment and no closing costs. We had a fantastic realtor who understood our needs and got us exactly what we wanted. He found us a new build spec house with LOTS of upgrades. It has all appliances (even washer and dryer), fully sodded yard front and back, covered back patio, upgraded tile, island kitchen, separate shower/tub and an over-sized yard for the dogs. Since he found it in one of the rural communities, it qualifies for the USDA loan which will give us the 100% financing we are wanting. As a bonus, USDA does not require mortgage insurance.
The only requirement is that we cannot close until late January when the USDA changes their income restrictions (we make too much for the 2008 limitations). Waiting until January actually works well for us and gives us plenty of time to pack and prepare.
We have already completed the pre-qualification, now we just need to go through the formal approval process. There should not be any last minute surprises, but we will wait until the close date to celebrate.