It doesn't sound like you're in the best shape for buying atm but it's great you're starting the process. You're going to want the try to get the BF to open a bank account and start accruing credit.

Check out RIHousing for some helpful info. There's also a first gen home owner program that may open again in 2023. I'm not sure if that's what the loan officer was referring to.

It's true that you may not get a house anytime soon, but don't worry, you're in good company with everyone in our generation and more than half of the millennials in this country. I'm not sure of the specific program you mentioned, but it seems like you're doing everything you can and the hard work will eventually pay off. The market will go down at some point and you might also be set up easier with papers by then. RI just approved driver's licenses for undocumented folks so maybe you could start there, i think it kicks in Jan 1 2023.

You can always try to get a second job, or look for a better paying one, but don't let work get in the way of living your life! You have no debt and it seems like you are fine getting food on the table and having a bit of disposable income on the side. It's probably not what you want to hear but why not enjoy things as they are for a few more years while steadily saving for a down payment? Ask yourself what is the most important part of owning a house? Is it building wealth, control over your living space, etc and see how you can approach whatever is most important to you while you are still renting. Just my 0.02

https://rdhomeloans.usda.gov

I don't have any specific advice to your exact situation BUT I am sure there is a way to work it out it might just take some time to figure it out. Mortgages are (even still after the 2008 housing collapse) kind of a ridiculous commodity that can vary greatly from lender to lender. I would think you guys could get some non-traditional type of mortgage, the tricky part will probably be connecting with a lender that offers it. If you haven't already checked it out, look into the RI Housing Authority; https://www.rihousing.com/buyers/ I would guess they'll be able to provide more info/direction about where to look specifically and may be able to connect you with a service directly.

I appreciate the effort in this post and your aspirations. Other responders have covered what I would have suggested.

Don’t buy a house before you’re married. Yes this sounds like old fashioned boomer advice but trust me buying selling and maintaining a house can become a tremendous pain in the ass and this thing can be an albatross around your neck if you aren’t careful

Secondly if you ignore the first step (please don’t lol) make darn sure that your mortgage payment isn’t more than a third of your monthly income because there’s so much to pay for beyond that and there’s nothing worse than being “house poor”. This is easier said than done, RI simply lacks inventory. Good luck! Hopefully the market breaks in your favor when the time is right

Hi! I’m a little older than you — my husband and I are 31 and 33 respectively, give or take a few years.

I didn’t buy our starter home until I was 28. And that’s OK. Be kind to yourself, save up your money. You are young and have a ton of time to purchase a home — and you will. I was 22 when I set that goal for myself and I used it as motivation to get to this point.

They don't want to lend to you (or anyone really) because the housing market is inflated and interest rates are high. The loan officer and every other financial institution on the planet expects the housing market to lose value in the next year. In a couple years it will be much easier.

None one in my age rage was a homeowner in their 20’s

Buying now is silly, mortgage rates and home prices are unstable and high. Just wait like 5 years, and hopefully by then you can sort out your papers issues. Also take the time to find good people to work with.

Just wait, bad time to buy. Don’t worry it’ll take a nose dive sooner or later

It certainly would have been rare in any period, historically. Even the WWII GIs didn't just return and move into houses at that age, did they? Boomers certainly did not.

OP, where did you get the idea that 22yo's easily buy houses? It's not at all common.

You'll get there, run your own race, be on your own timeline, don't let others define you.

Good luck mate.

If you want to buy a home, by a duplex or a triplex. This way it changes your dti (debt to income) ratio to your favor. Say you were told you can only get a loan for 200k for a single fam. With a multi it chances that cause you now get to add the other units rents in to your income.

Also if you are trying to buy now there are some great first time home buyer’s programs out there. Remember your marring the home, dating the interest rate. Which means yes the interest rate might be high now but if it goes lower you can refinance later.

Also right now is the best time to get a side hustle if you can have a side hustle that’s a w2. It would benefit you in the long run. As long as you have had it for a years worth of w2, it will change your dti. Don’t loose hope you will get what you want if you work for it.

Also don’t be afraid to contact a few loan officers or brokers. You can shop around, some have been on a high. And don’t want to work too hard to look for good programs for ppl. Because there has been so much going on in the last 2 years.

I was one of the youngest homeowners I knew in the year 2001 at 27. Here in New England the costs are just very high compared to other states. My advice is slow down. as the interest rates will knock the prices down shortly. When that happens remember a solid down payment and do not max out what you can afford. Best place I have seen lately is the USDA for certain towns. Take a look.

On the paperwork side you have to get that fixed. Understand the banks position on him as a loan risk.

Just to elaborate on what the loan officer probably didn’t explain well enough.

The reason they won’t do a loan is because of your boyfriend. When two people apply for a loan, the bank heavily weighs their decision on the person of “lesser means” because of the “breadwinner” loses their job or can’t work anymore then the responsibility falls to the other co-signer. This includes that persons credit score. So even if you have a perfect credit score, if you apply for a loan with a person with a score of 400, the bank will ignore yours and focus on the lower one.

Banking isn’t too difficult to explain but it’s often overlooked in school. “I’m a bank” and “you’re a loan(mortgage) applicant”. You come to me asking to borrow my money to buy a house. Well I’m not going to give it to you for nothing, I’m going to attach some strings to it to make it worth my time (interest). And before I give you the money I need to consider “Is this person actually going to pay me back? Or are they going to run away with it or go bankrupt and lose my money I gave them?” That’s the reason why banks look at the person of lesser means, because if you have the better finances and suddenly get hit by a bus, now everything is on the other person and may not be able to keep up with repaying the loan.

Now what you can do, and this is risky from a personal standpoint; is you apply by yourself and your boyfriend just continues to feed money into your bank account. Basically remove your boyfriend from the bank’s calculation on “if they’ll get their money back”. It is a great risk because your boyfriend will develop zero equity in the house but you have the option to add them to the mortgage or deed later on. (Don’t do the mortgage until they’ve developed their credit, and financial stability, otherwise you just end up in the same position in the bank’s eyes)

Just to add; I was a homeowner at the age of 25 in RI and I’m 35 now. With zero outside help, just based on credit, job, and savings.

Just here to comment that roughly 20 years later, it’s STILL the case. If you’re buying at 27 / 28 / 29 it’s usually because you had help from your parents, have been saving since you were 19, or a combo of both. A lot of people also wind up super house poor without planning for it these days because housing is so $$$$$$$$$$$$$$ even if you buy.

I feel for OP, I really do, but I think she’ll be in a better spot to buy In roughly 5-6 years than she is now.

Couple things like many people have pointed out. Rates are horrible but that will eventually force prices down. Keep saving to put as much down as you can. In the case of your undocumented boyfriend all that means is you make 90k. Don't even put him on any paperwork, it will make the process easier. Your still young and although your intentions are good in home ownership. There is more than just a mortgage payment. Get your money up and be patient. Consider a multifamily first and good luck.

It’s not just New England. https://www.nytimes.com/2022/07/14/upshot/housing-shortage-us.html?unlocked_article_code=AAAAAAAAAAAAAAAACEIPuonUktbfqYhkT1UaBybIRcMnqQHBhf_S2706iTrlLC-PVT9NwqEIGM6A50LJL-JFVucE4g66FpVHIaN9A7t71PNeNEhgDFOl8paIkslZZng_p9j2AzI71NfHA-FotDSxYDS0I7sjmbe0tljOKjW_ANyp2nwhIw1kpZRiZAvqjSROnvGZZ7Yzjtpu3v4hBYR5RSMAYkSJvfrqCRZ-PLaWf02Wq1l2C6wCB2alzZPL4KkAcQ5SFVrGUHt8hG4949pdM9gTV73tcQvPXc6XtUFL40ZJoO4AuA&smid=nytcore-ios-share&referringSource=articleShare

I agree with buying a multi - if it’s in good shape! Don’t want a money pit!

Granted, on this cycle people bought some houses and raised the value in some shockingly stupid places. But compared to lets say Tennessee or Louisiana property here on the whole is more expensive. Most urban places are unless we want to discuss some real disasters like Baltimore or Detroit. Even Augusta Maine has risen out of the reach of any of its residents. A median income of 27k for a median property value of 244k? Thats worse than the 2006 numbers.

why on earth is this being downvoted?? Upvote from me, I took this same advice from my dad. My first house was a duplex (still got it). It helped me pay the mortgage when I was young-er and poor-er and now it's just there as passive income.

I bought in Providence at 24 so I’m not sure why ppl are telling you it isn’t possible or to buy after being married. The market isn’t best for buyers now but more importantly It’s not time for you just yet due to your circumstance, try to get him legitimized and it will help you. Don’t give up.

I couldn't purchase a home here until my mid 30s. I had some money, but I owned my own business. No W2's. The bank didn't see me as a reliable source of income. It took a near miracle to get into ownership about nine years ago.

When the time comes, check out Navigant, they've been super to me. Also RI housing was a fair amount of help, and offers very low rates and down payments for new home owners.

PS as many have said, don't buy now. You'll probably just end up under water when prices drop.

Look outside RI and the property will be double/triple the size for the same price

Bought my house when I was 22 back in 1993. Interest rates were 7-8% and you had to have a minimum of 20% and at least 3 months of payments in saving. Hubs and I had a combined hourly rate of $20 an hr. You re right about not maxing out what you are approved for. I also recommend having a “just in case” account. Just in case your hot water heater goes. Just in case you have a roof leak. Just in case your car breaks down. And your right about the prices will come down. You are already seeing it.

I bought at 24 and the rates were almost as high as now. I was approved for a loan and they actually withdrew it the day I made an offer for a house. I ended up with a usda loan. If you can't use your bf as a cosigner, just build up that bank account until you have enough for down payment. Then try first time homeowner programs or credit unions for a slightly better rate.

If you're willing to buy fixer uppers, you can definitely afford it with what you're approved for. I've seen some listed on fb marketplace. But it will be a lot of work.

I want to say it was 7.25 when I bought and the FHA allowed 10% down as it was a three family. Sold it for a massive profit in 2004 and the new owner spent a fortune remodeling it before the crash. He owned it 15 years and just covered his rehab in equity. I think I made $700 a week back then.

We could sell the house and make a huge profit. The house is not our dream house but the location is awesome. Dead end street. Town services. And almost an acre of land. And we are only 5 miles from work. I would rather stay and keep socking money away for early retirement.

I have the issue of a 3.5 mortgage and nowhere to live until prices crash. I think in the end I will buy one more house and keep my current one as an investment if I can keep more mortgage rate.

You are a DACA recipient and your boyfriend is here w/o papers , you both have volatile immigration status , I mean ask yourself what loan officer in their right mind would give you a loan on top of that you are coming into at least 7% interest, regular citizens have a hard time with this currently.

Boohoo 😂😂😂

It is frustrating, but at 22 you shouldn't feel rushed to buy. I didn't buy until 31.