No Money Down: Loans Immediately!

We wanted to be first home buyers. We'd saved up a total of $6,000 over the course of 6 years of deciding our goal. Reading a newspaper one morning, the article jumped literally out at me. I excitedly picked up the phone and called the number. I set up an appointment with the excited real estate agent and that became the beginning of my empty pockets.

The house was just what I had always wanted, bay windows, winding stair case, glass kitchen cabinet fronts, brand new windows, and a patio to just absolutely make you want to relax with a book. The children love it the paint of all the rooms are already just how they'd want it. I am approved for the loan and a week into the process I have boxes lining the whole house. I even packed to how the new house would be set up and took things to donations that wouldn't go with my new decor that I had selected for the new house.

A month later, a phone call shattered this wall of boxes. The loan fell through. Why? Because the basement wasn't cement flooring toward the back of the basement. I complained that it wasn't my fault that they were digging up the basement to make the ceiling taller! That was a future improvement. Would we be given a certain amount of time to remedy the problem.

No had been the answer. Now that Guarantee No Money Down, wasn't a Guarantee, they wanted money down now! What next was our questions.

Through out the week we spent thinking it over, we learned of a scam that some real estate agents were performing. The No Money Down! was a trick to get you to look at that specific house, and when people like a specific house, they will buy, buy, buy. So then the buyer will give the money down. Then the situation really is a No Money Down loan, no lie there, just to you the buyer. The real estate agent pockets half the money and the mortgage lender pockets the other half.

There also was a fee now that I wasn't told about before, this fee was the processing fee of the new loan. They needed our bank account number and for our savings to be placed in the bank.