3 Home Buying Tips For Single Parents
Buying a home as a single parent puts you in a unique position. You have to shoulder the responsibility of a down payment and mortgage on your own like other single homebuyers, but also have to keep your child's needs in mind when buying a home. While buying a home as a single parent can present some unique challenges, it's also a very rewarding step to take in life. Here are three home buying tips for single parents:
Work With the Right Real Estate Agency
One of the most important decisions when looking for a home as a single parent is choosing the right real estate agency. Your real estate agent should not only be extremely knowledgeable about the local market, but they should also have experience helping single parents find great homes.
Your real estate agent should be able to accommodate your busy single-parent schedule, for example by scheduling showings on days when your child is with your ex. They should be confident about being able to find homes in your price range, that meet your requirements, and that are near great schools.
Consider an FHA Loan
For many single parents interested in buying a home, an FHA loan is an ideal solution. These loans require much smaller down payments than a conventional loan, making it easier to save a down payment on a single income. They also come with less stringent credit requirements, which is helpful for any single parents whose credit suffered from going through a divorce.
FHA loans also require strict inspections on any house you purchase, which means you can rest easy knowing your home is structurally sound and safe.
Look into Local Housing Authority Programs
Most states have local housing authority programs designed to make homeownership easier and more affordable. These programs vary by state so you will need to look into the local housing authority where you live.
These programs are typically designed for people with low or moderate income and often offer down payment assistance as well as a range of homes at below market value prices. If you meet the qualifications, this is a great way to find a home for your family without breaking the bank, especially in expensive housing markets.
Buying a home as a single parent is an impressive feat. Working with the right real estate agency and following these tips will help ensure you find the perfect home for you and your child.
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