Single Mom Buying First Home [FAST • 2024]

Lenders look at how much of your monthly income goes toward debt. Aim for your total housing payment to be less than 28–30% of your gross monthly income.

Get pre-approved before you look at a single house. This tells sellers you are a serious, qualified buyer.

You’llFactor in closing costs (2–5% of the home price) and an emergency maintenance fund (aim for 1–3% of the home's value) so a leaky roof doesn't become a financial crisis. 2. Specialized Assistance Programs single mom buying first home

If you are looking in a rural or suburban area, the USDA offers a program for low-income borrowers that can include 0% down payments. 3. Choosing the Right Property

Since you are likely navigating this on a single income, your "buying power" and safety net are your top priorities. Lenders look at how much of your monthly

You don’t have to do this alone. There are programs specifically designed to help:

It’s easy to fall in love with a kitchen, but if the foundation is cracked, walk away. There will always be another house. This tells sellers you are a serious, qualified buyer

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