The perks of owning a home are many. There’s the undeniable independence, the freedom to customize to your style—whether just a simple paint color or bigger projects, like a window replacement. And then there’s the comfort of no rising rent. Owning a home means putting down roots and giving your children a stable environment in which to make countless memories.
While buying a home as a single parent can feel like an enormous undertaking, there are plenty of resources out there to make it as simple a process as possible.
Find out What You Want and Line up Your Finances
First and foremost, if you want to buy a home, you should do your research early. Check your credit score and find ways to boost a low one. Make sure your credit report doesn’t contain any errors. Take note of prices in the desired area, see how long they stay on the market, and watch how the prices may change the longer they stay. Go ahead and gather the documents related to your income, debts, and assets.
Familiarize Yourself with the Mortgage Process
Sometimes, single home buyers can experience more difficulties obtaining loans than dual home buyers with two incomes. But if you choose a trustworthy lender and look for special programs designed to help single parents, your dream home could be within reach. Down payment assistance programs may be available in your state, and you should also look into FHA and USDA Rural Development loans. Even if you’ve technically owned a home before, you may be considered a “first-time buyer” as far as assistance is concerned depending on your situation. With a low or non-existent down payment, you’ll be able to act quickly on the home you want without having to save up.
Again, research is vital. Familiarize yourself with the home buying process and organize your finances before you apply for any assistance programs or home loans. Find out what the qualifications are for the assistance programs and prepare the documents that will verify your eligibility.
Get Prequalified
The best way to be sure of your price range is to get prequalified for a mortgage. Since you’ve already organized the relevant financial information, this shouldn’t be a complicated step. Your lender will then tell you how much they can lend you and what price range you’re working with.
Talk through All of Your Financial Options
Make sure your lender is certified to offer the assistance programs you’ve researched. A quality lender will be by your side from application to closing and will have extensive experience with the government programs available to assist you. Your loan processor or officer should be in touch with you throughout the process to help you work through any issues that might arise.
Simplify the Home Buying Process
Most people, especially single parents, are looking to simplify the home buying process. It would be easy to get bogged down with all the paperwork and communication between different parties. That’s where carefully selecting the people and companies you work with makes all the difference. If you can trust your lender to communicate clearly, work with assistance programs, and guide you through the steps, then the home buying process can be simple. If you choose the right partners in this journey, purchasing your home will be a rewarding adventure.
Hannah West writes for Modernize with the goal of empowering homeowners with the expert guidance and educational tools they need to take on big home projects with confidence. In addition to her focus on home improvement, she has a young adult novel, Kingdom of Ash and Briars, debuting in fall 2016.
