I finally got a call back from the mortgage guy at Northstar Bank of Colorado this morning, 2 calls in fact. The first call is where I pitched Andre, the mortgage guy my plan: 80/20 mortgage, no down, 15-year fixed with a 6-year loan for down payment and closing costs. I explained my situation (no credit rating at all but stable job, payment history of 6 years without a blemish, first time buyer, etc.).
Andre was intrigued I had done my homework and said he doubted it would be feasible in the secondary mortgage market, to which I explained I wanted the bank to carry both loans and I would apply for refinancing in 2-3 years. That would establish a credit rating and eventually make me eligible for the secondary market. Andre was even more intrigued.
I did explain that in this soft market the house would be difficult to unload with the problems (needs new roof, new furnace, and maybe a new foundation) and that I was aware of the problems. He said he'd get more information from Rae Loschen, who was the bank officer who had dealt with the property from the commercial side since it was part of a commercial package the bank foreclosed on November 2013. He called back about noon since he had promised to get back to me to tell me Rae had been in a meeting all morning and he would contact me when he had finally run Rae to ground.
This all sounds like high finance, but I am impressed that I marshaled my argument so succinctly without being at all nervous. I was all business with pros and cons. I cheated a little by writing down the talking points. It's good to be prepared.
Of course now I will also have to deal with property taxes, but for such a cheap house that should be much.
Now all I have to do is deal with HR at work. I have been told to provide links to obituaries for my Uncle Dewey and my Aunt Wilma. I found Uncle Dewey's and I was just told about his death, but he died March 31st. News travels slow in this family, but usually faster when death is involved. Aunt Wilma lived in a very small town and I haven't been able to find her obituary anywhere. It will probably come up in a few days in the weekly paper? This is all news to me. I haven't been asked for links to obituaries before. I guess that's because it is unusual for 2 family members to die in the same week and ask for bereavement pay.
I think those deaths, and Ms. Hoity-Toity's expertise in real estate, that got me thinking about buying the house I've been renting for 6 years. I'd toyed with the idea of owning this house and being able to fix it up. Now I will have that chance -- before I die.