In the 60’s it was pretty unheard of to buy a home by yourself. Buying a home was something you did when you were married, which most people were by the time they were 25. In today’s society of career minded millennials, many people are putting off getting married until later in life. We are focused on building a strong career, chasing our dreams, or traveling the world. We’ve changed the rules on so many things since the times of Joan Cleaver. Shouldn’t we be able to do the same when it comes to buying a home?
“No, that’s what they make security systems and dogs for.”
Is it furnishing the home?
“No, I’ve been in an apartment forever.”
Are you worried about qualifying for a loan?
“Ehh, a little.”
Bingo. The number one thing I hear from all my #singlelady and #bossbabe buyers is that they don’t know if they can qualify for a home and pay for all the upfront costs that come with applying and purchasing on a single salary. (Think your credit might be a problem for qualifying for a loan? Check out Single Woman’s Guide to Great Credit by CreditCards.com.)
Well, I’m here to tell ya, the odds are ever in your favor! I’ve had several buyers recently, even several in relationships, who are buying homes as the sole purchaser. In fact, I’ve seen buyers be told they will qualify for better rates or loan programs if they apply by themselves instead of with their significant other. “What? How can that be?!” Glad you asked! There are loans out there made just for you, the single income buyer. There are loans that are more often than not more suitable for the single buyer than a couple. One of my lending partners, Judy Kristensen, provided these two great info sheets (shared below) that bullet point loan options that are great for the solo buyer.
Judy recommends two loan programs if you’re buying on your own (whether you’re a #bossbabe or boss bro) – HomeReady by Fannie Mae or an FHA Loan. I’m not an official loan officer so I won’t go into too much detail about these but you’re always welcome to contact Judy or a trusted lender near you. The quick breakdown – HomeReady has a low down payment and up to 97% financing for home purchases with many borrower flexibilities. FHA loans offer lower interest rates and have more flexible qualification requirements. Both good options if you’re buying on a single salary and something to ask a loan officer about!
So, before you decide to move “own a home” off your list of things to do this year consider researching your options further and speaking with a qualified loan professional!
Disclosures: I am not a licensed loan officer. I partner with loan officers to provide lending information to my buyers. All lending and loan information in this post is provided by Judy Kristensen with Sierra Pacific Mortgage. If you have loan questions please contact Judy or a trusted loan professional near you. Judy Kristensen, Senior Mortgage Loan Officer | NMLS # 266551 Company#1799 | 757.620.8698 (direct)