Home Studies and Finances

Our first homestudy meeting was accomplished last night. It was fairly easy, easier than I thought. The next one however is in our house...makes me nervous. I'm the first to admit I am not the best housekeeper, but you can guarantee it'll be spotless next monday!
Those of you wonder what a homestudy is:

• You are assigned a social worker who prepares a fairly thick doccument called a home study to pass along to your adoption agency. The homestudy verifies that you are a fit parent, are aware of adoption concerns, and that you have a fit home for the child/children to live in.

Finances:

WOW! do we even want to go there. We choose Vietnam as they are on the lower end of the cost spectrum, not the lowest (we aren't bargain shopping here!) but we knew finances were going to limit us some. Today I am finding out how limited we are. It is going to cost us about $35,000 to adopt two children. Now, before everyone's brain checks out at that amount of cash, here is how we plan to pay for it:

• Husband's employer offers a benefit of reimbursed adoption expenses up to a certain amount.
• The US government has an adoption tax credit that we will be able to take advantage of over a period of 5 years. Not just any old credit either, it comes right off you liability. We happen to fit into the parameters nicely, however it will take us the full 5 years to recieve the amount back.
• That should leave us a grand total of about $8-9,000 left out of our pocket in the end (a small pice for the shipping and handling of 2 children to call our own!!!)

So what is the kicker? These are all "reimbursements". How are we going to come up with it in the begining when it is all due? We really aren't sure yet, we are having faith that it will all work out though. We are investigating home equity loans or 2nd mortgages. These would give us low monthly payments as well as the time needed to pay them off. However we need to determine how much we are able to borrow against our home. Another option is signature loans, or specific adoption loans. These however would have higher monthly payments and require us to put Brian's school loans on hold for a year or two. Not ideal as the interest will gather, but an option.

Did I mention I am having a yardsale this weekend. Selling lots of my stamping and scrapbooking items in home of raising enough to apply to the CIS (citizenship and immigration.) I also dream alot :)

More later