Single Women CAN Buy Their Own Homes

When it comes to home ownership, buyers come in all shapes and sizes. While one size may not fit all, home ownership isn’t just reserved for the traditional couple with 2.5 kids and a dog named Rover. In fact, single people in general (with or without children) make up more than a third of the home buying population. In 2009, about 20 percent of all home buyers were single women. And, according to the State of the Nations Housing: 2009 report compiled by the Joint Center for Housing Studies of Harvard University, “social and economic trends have given women a more powerful presence in housing markets.”

This is good news for women, particularly single moms, who may have thought home ownership was out reach. But even with these favorable statistics, there are important factors to keep in mind.

Affordability
You still have to make enough money to afford the home you want to buy. You should expect most lenders to require some type of down payment, and, as an unwritten rule, your mortgage payments should not exceed a third to half of your monthly take-home income. Child support is often considered income. Find a house that fits your price range. Property taxes and home owners insurance will have to be figured into your monthly payments, as well.

Credit
Lenders use credit scores to determine your ability to pay back the money they lend you. A low credit score could delay home ownership or qualify you at a higher interest rate. If your credit could use help, take steps now to reduce debt and be sure to pay all of your bills on time.

Negotiate
Nothing is set in stone, especially the cost of housing during a recession. Do your homework. Look up the taxable value of the home on the website of the appraisal district where the house is located and see how it compares to the asking price. You might also get pre-approved for your mortgage before you shop. Sellers are more willing to negotiate when they see on paper that you only qualify for a certain amount of money.

Find a good realtor
A good real estate agent will have experience with customers of all incomes, budget and concerns. They can help you find the right house for your needs.