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How do you guys/girls recommend I go about finding a lender? I'm not really sure where to go to speak with someone. Should I try my local bank? A credit union? Should I go with some national place, such as Countrywide? Or maybe something like lending tree? I'd prefer to speak with someone in person, but if there are better options, I'm all over them.

Thanks for the advice. With any luck, I'll be moving into a place within 3 months. Right now the real estate market is especially low in my area, but most sources I've researched seem to indicate that it should rebound in late 2007. Now is the time to act as far as I'm concerned.

Wow, thanks for the information. That alone really put things more or less into perspective for me. I'm definitely going to start reading up on this stuff, because right now, I'm pretty much lost in everything. I'll look into those two sources, thanks.

I think at this point, I'll try to get out of my rental and into a house of my own so at least I'm not blowing money on rent. Of course, I'll buy into something that doesn't break the bank so I can afford to save some money and invest in real estate (rentals/flips/etc.) in the future. I wish I lived in a better area, because flipping is tough around here. The market is atypical to say the least...

Sounds a bit dramatic, but I see your point. I am meeting with a lender this weekend to discuss my options. From there, we'll see what the future holds. Does anyone have any recommendations when it comes to lenders (specific banks, credit unions, online, etc.)?

Thanks for your help, everyone. You've answered alot of my questions, and also validated my personal concerns. First thing first, I'll talk to a lender. I was planning on doing this, but one thing led to another, and well, you know. I wish there was more information out there for noobs like myself, but I guess that is why I should start doing some reading and speak to a mortgage agent.

Thanks again for your help.

Hello everyone! I just found your forum (today), and it appears to be a WEALTH of information. Looks like I'm going to have a lot of reading ahead of me...

Anyway, the reason I am posting here is because I have a couple questions that I'm really hoping someone can answer. I'd love to search the site and educate myself, but unfortunately (or fortunately), I've gotten myself in a situation that needs immediate attention.

Very briefly, I live in a relatively pricey housing market and have been renting for the past two years with my wife. We have saved some money over the past couple years, but due to some personal issues, we weren't able to save as much as we'd like before buying a property. So, for the sake of argument, let's just say that I don't have enough saved to dump onto a down payment or closing costs.

My question begins here: We have found a new construction property that has a two family (double) occupancy AND a single family mobile home. The existing mobile home is currently being rented and generates income each month. My wife and I are looking to purchase the property with another guy I work with. We'd split the mortgage and each live in half of the house.

The problem is that my realtor says that conventional mortgages won't work and I need to go commercial. Is this accurate? Also, it appears that there is no way out of putting money down for a down payment and closing costs. Given this situation, what is typically done to avoid this initial cash investment? Is there a way to easily finance the entire amount (+ closing costs would be nice, too)?

I apologize for the length of the post and the simpleton questions, but I'm about as noob as they get when it comes to this. Does anyone have any information/advice they can pass on?

Thanks in advance!