bracing for disappointment again

[mellowtigger]

I may have to move soon, and on short notice. The landlords where I'm at now are making arrangements to shift ownership, but there are too many factors "up in the air" at the moment.

The landlord thinking about staying in this house sent a link to a different property, and that page mentioned a house directly across the street.  So, by accident, I found a cheap home that I could afford. All versions of mortgage calculators tell me that a mortgage for this place would be >$100 cheaper than my current rent. I realize there are insurance and tax costs on top of it, but it still seems prudent to consider buying my own place.

Unfortunately, I'm worried that I'll run into the same roadblock as before.  Banks tell me "no" without offering a reason that makes any sense to me.  I've structured my life to live cheaply as I can, and I don't owe money to anybody, so banks don't know what to make of me.  I'm waiting for a callback from my credit union now.  If there's any way to make it happen, I would need to get in quickly to see this property and decide about an offer.

This house has a south-facing roof, so it'd be good for solar in the future.  I drove by and looked outside, and I didn't see any obvious problems.  I'm pretty sure that it's so cheap because it's in a relatively higher crime area.  (Not as thick as downtown Minneapolis, but equivalent to the Powderhorn south Minneapolis area, which is actually a desirable region of its own.)  Bonus: It's even closer to where I work.

Update 2015.09.14 11:45:
I went to LendingTree.com to fill out some info too, and within seconds got a phone call from them via QuickenLoans.  They said they can get a preapproval for me.  At this $65K house on a fixed 3.62% interest rate for 15-year loan, they say it will cost me $500/month with "taxes and insurance included".  That's still a lot more than the mortgage calculators were telling me, so I'm not sure what's included by them.  If that's the actual total cost to me (minus utilities) then I can still afford it.  I don't know... maybe I should still contact a local person to see if they offer anything different?

Update 2015.09.14 13:00:
These people scare me more than a little.  I dislike aggressive sales.  I fill out a webpage, and within seconds my phone is ringing.  It happened again.  I have somebody else (who knows they're my #2 contact) looking into financing for me, since I'm not sure what to make of QuickenLoans.  They're a local ReMax person and should know of any Minnesota or Minneapolis special programs for first-time buyers like me.  I saw my credit report from QuickenLoans today, and it turns out I have a "very good" rating now.  I still think the whole credit rating industry is hogwash, but as long as they talk to me, then I guess I'll pursue and see what comes of it.  If nothing else, this escapade has led me to a good website for window shopping for homes and a good website for checking crime reports.

Update 2015.09.14 16:20:
The local realtor (via ReMax webpage) just emailed me, "This property already has an offer accepted according to the listing agent."  Ah well.  The disappointment sinks in again, but at least a different reason this time than a few years ago.

Update 2015.09.14 17:35:
The referral from my credit union called, and he pretty much brushed me off when he learned how much I earn a year.  Pretty much what I expected from all lending sources, but apparently a few are willing to work at my miniscule level.