Being Homeless Leads To Perspective

Previously I wrote about or impending move into a new house. Tracy and I were so excited. We were pre-approved. We were within our budget. We were living frugally and we were packing our lives away into boxes. It was a hassle. It was tough. But it was worth it. At least that's what we told ourselves as we continued our to work hard and continued to pack.

And then the bottom fell out.

Our mortgage lender informed us that all that solid footing she told us about didn't exist. She told us that the initial underwriting and pre-approval she had provided were not good. And so we went into panic mode. We transferred the loan to another lender who assured us we were fine. We went through the process again. We were pre-approved. Again. And then more of these "professional business people" dropped the ball. While it doesn't make any sense to recount gory details the bottom line was that we were told we couldn't afford to exist with a mortgage payment that was - literally - 45 percent of our current RENT payments. As in our rent is more than double what these people told us we could afford.

The reason? I'm self-employed and apparently a legal deduction for mileage to coach a soccer team that is taken with the consent of the IRS means I cannot afford a home. At least according to the new lending laws. I have no desire to get into a political commentary, but I feel like Tracy and I work hard. We have both built our own businesses. We enjoy a comfortable life but it's hardly glitz and glamour. We are the "poster children" for stated income loans according to one lender. But those loans are no longer available and because we fall into a couple of loopholes in the law it would appear as though we aren't currently capable of owning a home. At least not according to these lenders. Because of that we were forced to move our boxes into a POD (which, by the way is a great company) and our lives into a much smaller apartment.

I am sure we'll attempt to buy a home again in the future. But for now we're extremely soured on that whole idea and process.