How many times were you told as a kid that your life goals should consist of going to college, obtaining a degree that will help you sustain a socially and financially acceptable lifestyle, owning a home, and retire with enough savings in the bank to not have a care in the world? Easier said than done.
Nowadays, the ability to afford a college education in itself is proving to be more and more difficult each day. So is owning a home. Now, let’s take the goal of homeownership a step further…what about owning a home as a single-parent? Typically, when society visualizes a family purchasing a home, a two-parent home is the foundation of that vision. Societal norms are changing and that is no longer the case. The single-parent home buying market is increasing and if you or someone you know can identify with that market, here are some things you should know:
The importance of a good credit score can not be expressed enough. The unfortunate truth is that when making big purchases as an adult, your credit score is what creditors and lenders use as your first impression. The better the credit score the better the impression. If you are unaware of your score, it would be best to visit websites like Credit Karma to determine your credit score, credit history, and the best way(s) to improve your credit score.
Poor credit scores (mostly scores below 580), can result in larger down payments along with the necessity if a co-signer. To avoid any stipulations that accompany a low credit score, home buyers should take the time to build their credit score before embarking on the home buying journey.
Affordability and maintenance
Ask yourself – a one income-parent household, how much home can you afford and still be able to live comfortably? It is well-known that most homes in suburban areas are less expensive and offer more space than homes in the city. On the other hand, maintenance for a condominium or apartment might be easier for you. Take into consideration which area is better suited for your family AND your budget.
Grants for single parents
Single-parents are working off one income and due to that truth, there are a many grants and assistance available to potential single-parent home buyers to help with achieving their dreams. Check to see if you qualify with programs like HUD, and Community Development Block Grant Programs.
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