unattributed quotes

I had a pretty good homeowner's insurance quote from my normal insurance company, which I assumed meant the policy was mine. It turns out it doesn't work like that. When I tried to firm up the purchase of the policy, I found out that because Texas law prevents the insurance company from making stipulations about things getting fixed (such as the fusebox and roof), for their purposes my house-to-be is uninsurable. Why a national company can't do this but a local one can remains a mystery to me.

For the FHA loan, I have to pay a year's insurance in advance, which means I need to have a policy and a premium. The agent at the local insurance company I called after my normal insurer turned me down expressed surprise I was getting a loan at all, having been denied non-contingent insurance. This worries me. Maybe I'm not, in fact, getting a loan.


Photo by drspam

It seems upside down that fixer-upper homes should be out of reach to anyone but the very wealthy, people who can buy a home outright instead of needing a mortgage, or those who can easily put down 20% for a down payment. You'd think FHA loans would encourage rolling up your sleeves and building sweat equity, rather than paying extra for nonsense like granite, bamboo, and travertine. Not to get all sentimental, but what does allowing only the wealthy or lucky to get their hands on old homes do to the character of a neighborhood? I see very little chance that someone accustomed to the good life is going to move into a home in disrepair - hopefully they'll restore, but I bet it's more common for the homes to be leveled and turned over as investments once their character-less granite et al has been installed.

It seems like a shame to me. If you're willing to put in the labor to save a home, it seems like someone should be helping you instead of everyone involved trying to bar your path.