Verse 1:
I tried to make my own life in the past, and I definitely wasn't getting anywhere.

Verse 2:
I tried to 'buy' my own house, meaning I assessed where my life was taking me, and I realized that there was no 'house' I could afford.

Verse 3:
The house that Jesus gives me (for free) is unbelievably beautiful, and He is even hospitable!

Verse 4:
I tried living on my own, and didn't get anywhere, and now I know why.

Chorus:
Jesus saw me homeless and took me into His house, no questions asked. With this gift that I have been given, I will forever tell (and sing) praises to Him, and tell all of what He had done for little ol' me!

Overall:
Essentially, this is about my life's turning point. On July 10th of 2000 Jesus saved me from the filth of my transgressions, and since that day I have been a changed man, living in the name of God. I get Goosebumps every time I sing this because I get taken back to the very spot in which the Grace of God first found me.

1 Timothy 1:12-14:
I thank him who has given me strength for this, Christ Jesus our Lord, because he judged me faithful by appointing me to his service, though I formerly blasphemed and persecuted and insulted him; but I received mercy because I had acted ignorantly in unbelief, and the grace of our Lord overflowed for me with the faith and love that are in Christ Jesus.

Matthew 23:38
Look, your house is left to you desolate.