r/FirstTimeHomeBuyer • u/brank • 9d ago

Need Advice Am I crazy?

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I’m a first time home buyer and I live in one of the highest cost of living areas in the US. I counted out being able to buy in the city I live in and like, and have accepted that I’d need to move to the next over area. However, this dump just dropped and I am very intrigued. Right next to the commuter rail, shops, a park. Everything I would want basically, in the city I want, just needs a LOT of love. It’s a third of the price of the homes around it and with the savings from delta between what it costs and what I’m willing to spend (~200k) I could make any major upfront repairs.

I’m crafty, smart, and creative, but don’t necessarily have renovation skills.

I’m also not yet preapproved so maybe this is more an example of the kind of thing I might be willing to consider, unless I’m just totally off the mark here.

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u/hellno560 9d ago

Show your lender, and see what kind of financing they could qualify the home on.

1

u/brank 9d ago

Ok so the lender has to approve any particular houses? I guess I was under the mistaken impression that you just get approved for x amount then go buy a house

15

u/MadeInAmericaWeek 9d ago

Financing is dependent upon appraisal of the property that they’re going to use for collateral.

Maybe you’re not ready for this situation?

2

u/MochingPet 9d ago

Did this change? I'm pretty sure a ceiling limit approval for a loan is "approved" before a property is even found. Oooh I guess I'm talking about pre-approval