It’s no secret that buying a house as a single parent is daunting. Not only are you investing in a home on a one-person salary but you’re also supporting your kids on that same budget. Fortunately, you’re not alone if you’re a single parent dreaming of buying a house. Every year, about 39% of marriages in the U.S. end in divorce, leaving many newly-single parents looking to settle down to give their kids a sense of security.
While saving for a down payment on a house can be a struggle for anyone, there are a few ways single parents can get the help they need to overcome the financial challenges involved in the home buying process. Here are a few tips you can use to make buying a house as a single parent a little less overwhelming.
Look into homeownership programs
About 78% of recent buyers say they found their real estate agent to be a very useful information source, but your real estate agent isn’t the only one with information. Visit the website of your local housing authority in your state through the Public Housing Authorities Director’s Association. There, you can figure out which specific homeownership program you’re eligible for in your state.
Speak to a housing counselor
Another great place to get information on housing programs you’re eligible for is the U.S. Department of Housing and Urban Development, or HUD. Your local HUD office has a wide variety of resources you can use for buying a home, and you can speak to an experienced housing counselor who can answer your questions about obtaining a self-employed mortgage, the home buying process, and what your housing options are in your area.
Check out national programs
Once you’ve gone through your local housing programs, you can determine whether you’re eligible for national housing programs that can offer you assistance. Some of the most common national homeownership programs you may be eligible for include FHA loans, VA loans, USDA loans, Good Neighbor Next Door HUD loans, and Native American Direct loans.
Buy a house through HUD
The U.S. Department of Housing and Urban Development has properties for sale in every state, so you can find a HUD property anywhere throughout the country. HUD properties are foreclosed homes that were purchased with FHA loans. Because these properties have gone into foreclosure, HUD is more likely to sell these properties below market value so you can get them for a lower price. However, it’s important to do your research on the neighborhoods in which HUD properties may be located just like you would with other houses.
Buy a house without curb appeal
As a single parent, it’s not recommended to invest in a house that needs some serious elbow grease. Renovation projects can quickly eat into your already-small budget. However, it may be worth considering buying a house that isn’t as pretty as the others on the block.
Well-maintained shrubs and trees can increase a property’s value by up to 14%, which is good for the home seller but not necessarily good for you as the buyer. You can always fix up your home’s curb appeal on your own terms once you buy the property.
It can be tricky to buy a home as a single parent. However, by doing your research on homeownership programs and being smart about your investments, you can turn your dream of buying a house or even one of those 2 bedroom townhomes into a reality.
