Getting a home when poor

So I’m a failure at life and trying to get a home of my own. It’s a little $39,000 house, but it’s too low cost for a mortgage (no profit in it for greedy banks) and I have no way to get out of the rent trap. Any ideas senpai?

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>too low cost for
Literally nothing is too low cost for financing. But you may need to talk to an actual banker about your actual options. Sometimes they'll do something like an equity loan if the amount being covered is relatively small. Alternatively seek out a more expensive property they *will* do a mortgage on. Then spend a couple years there improving it so you can flip it for enough profit to pay for your little house in full.

Not one banker would touch it “too low” minimum 50k, but there is zero for this amount because everyone can get a mortgage so they usually sell the same day.

Appreciate the advice.

People can (and do) get financing for literally $5 purchases all the time. I don't believe nobody would touch a $50k loan. I would believe nobody would touch it at rates/terms you'd find acceptable, but that's a lot different.

You might also try to talk to the owner about a seller-financed arrangement. Where the seller (if they own it outright) can be the mortgage holder for the property and you make your payments to them.

A sub $50k mortgage, no banks don’t see enough profit in it (They see their workers doing the same amount of work for $350,000 home as a 50,000 one, so they have to draw the profitability line somewhere). Hell I would pay 20 % interest at this point, lol.

The owner was placed in care, so it’s being sold to pay for that, he cannot carry the note on it, I already inquired.

>It’s a little $39,000 house
1.5 years of my rent is more than that house. where do you find these magical cheap property houses? If the answer is in the middle of nowhere without engineering firms to work at in a 100 mile radius then fuck it and dont bother answering.

You just have to look for them.

In America they have wooden houses in the suburbs. They look like large garden doll houses but bigger. You know the ones with "porches" like the Wild West. It's a step up from mud huts, one day they might discover Roman technology.

I saw several that were cheaper even around my area and we have decent employment. Only the top 20% make more than ~80k, but hell, even if you only take in 50k, a 10k house is el zilcho if you can knock out a 900 a month payment.

That's dumb, why would they give out car loans for that much but not a house, you could even get a loan to build a house for that price, doesnt sound right.

Yeah, don’t call people sempai.

no it doesn't

Well I don’t have 10K because rent (I’m poor) and so like I said, mortgages have interest that is tax deductible, which is important to someone poor like me. I can’t get 17 credit cards and max them out to buy a house.

didnt mean to (You) you

Are new car is just that. But a house purchase requires the bank to send out their appraraiser, the title department has to research the deed and make sure there are no open liens, lots of behind the scenes paperwork in order to approve it. So they look at labor cost to originate the loan vs how much interest they will make. Under 50K they don’t see the profit high enough (also they have to look at the cost involved if I default).

OP, start watching Meet Kevin and Graham Stephan on jewtubes. Particularly start with househacking/renthacking.

More than I can chew—I’m poor.

>trying to get a home of my own
why? it's nothing but a massive liability
even in the middle of nowhere it's obvious you've found an absolutely atrocious, century old shitpile that will be hell to live in

>but muh equity muh rent black hole
don't be a brainlet

Must be a comfortable basement your Mom has.

we don't have a basement it's a split level

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DESU, the price of owning a home is actually more than your going to pay for rent.

Between property taxes, home owners insurance, utilities and fees, repair costs, and all the other things that end up nickel and dining you, most people who take out loans to buy are lucky to be able to pay off the interest on their loans, let alone actually start working towards that principle.

It makes it so that most of the time, when someone’s buys a $300k house, they end up paying 1.5 million by the time they pay it off (if they ever do).

Who owns it?

I pay all utilities now. The taxes are $300 a year. Insurance is the only additional cost.

Bla bla bla and you own your house, right?

Why not say it costs higher, take the loan, pay for the house and put the money back into the loan?

Because they don’t take my word for it. (They can see the same listing I see when they ask for the address).

mommy and daddy and not the bank

Tried talking to the owner about it?

The owner was placed in care, so it’s being sold to pay for that, he cannot carry the note on it, I already inquired.

I don’t want to afford a $50,000 house, plus the get snapped almost instantly because it’s easy for normies to get a mortgage for $50,000.

There's still tons of profit in it for banks. Try another bank. Do you have a downpayment?
I don't believe your post, it is a poor work of fiction.

Seller finance

There’s also predatory lending laws that kick in adding to the paperwork when it’s under 50k.
Due to government regulations capping fees charged as a percentage of the loan, lenders typically lose money for loans under $50K.

S yeah, it’s not as cut and dry as you think.

Been covered above.

Use the rest for remodeling or purchase a car and have the loan added into your house. Just had a buddy do it purchasing a new home.

what is your current income level, and what are your current liabilities?