Skip to main content

Buying a house while homeless

Seeking advice here- does a homeless person have a shot at getting approved for a home loan?

I am 24f and have lived in my car for over 3 years now. Long story short, I spent a good while fucking around and finding out. Recently I have been getting my shit together and I work full time bringing home about $800/week ($1030/week gross). Because I live in a car, I have minimal bills and can pocket most of my check each week, so I’ve been saving thousands per month since I started this job. I owe about $3000 on my car and I have around $3500 in cc debt that I’m paying down, and then my only monthly expenses are car insurance ($150) and gas (~$200). Technically, I could pay off both right now.

In my head, I should be considered an excellent candidate for a mortgage- good credit, will have all my debt paid off, large savings/down payment available, etc- but I have a feeling it won’t play out that way. I’m not trying to buy a house tomorrow or even this year, but when I do, will they laugh and dismiss me from the start? What are the chances that I will be given a chance?

The last thing I want to do is sign a lease and pay rent for a year or more just so I can get approved for a home later on. I’d rather live in my car indefinitely than throw away $2000/month on some place I’ll have to leave eventually.

submitted by /u/ghostyginger
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/y9r1ce/buying_a_house_while_homeless/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more