Mortgage Broker, 2014

Mortgage Broker, I wasn't ready for a Mortgage Broker. I'm looking for a deal, I'm putting in the time, I'm learning. But, something inside me said, hey, I probably should get pre-approved. It's the smart thing to do. It's what Clark Howard would suggest (Clark Howard is read with the sound of harmony from a church choir). Well my friend had two contacts that he forwarded to me and I contacted them both, each had me fill-out an application over the web that sure seemed like the very same web-app. The conversation with both was almost exactly the same. I can get you approved no problem, now you're going to have to come up with 3.5% to 5% of the loan at the least. With an FHA loan we can go 3.5% but the mortgage insurance is going to stay with you for the length of the loan. Now with a conventional loan, you'll need at least 5%, but if you have to go that low, at least the mortgage insurance will not stay with you for the length of the loan, after a few years it will fall off. With 10% down, you may not have to pay any mortgage insurance at all; it will depend on the underwriter. The mortgage broker is on my side, it's the underwriter that I have to deal with (more learning stuff).

Well Mr. Mortgage Broker, you know that movie Chevy Chase did called "Fletch!" That's me. My whole life is being held prisoner by my ex and her lawyer. I'm just trying to get into a home and start building my own equity and not pay into someone else's wealth by paying rent!

One of the brokers explained to me that low income borrowers may quality for special FHA 100% financed home-loans, but I don't qualify. Also, there are some areas in my state that are considered rural opportunities and you can qualify for 100% financing on them, but outside of that, the broker went on to say, I was looking at 10% to 3.5% at the least. And also, these funds would have to be seasoned, up to 60 days in my account. You have my number; give me a call when you're ready. That's how each conversation ended.

I thought to myself, look, if you do a Google search on "buying real estate with no money down," you get hundreds of hits. I want the wink-wink, nudge, nudge. That's for me man! I'm not even trying to get on TV talking about flipping houses. I just want my own house to start. Tell you what, I'm going to go on BiggerPockets and post this question and see what the experts have to say. The only money down strategy is buying rural my ass (I said to my self). I'll show you Mortgage Broker. Let me post this question on BigPockets and I'm going to get me some ideas!!!