Yes, you can buy a home with a single income!

There’s a growing trend in the housing market: people buying a home with a single income. Of course, there are married couples that share one income, and there is a rising number of single mortgage applicants as well. In fact, according to the National Association of Realtors, single females account for 19% of home purchases and single males represent 9% of the market. No matter what your situation, check out these helpful tips below to get started! You’ll learn how to prepare for the process, get the best rates and plan for future home expenses.

Get your credit score as high as possible

One of the most significant expenses when buying a home is the interest rate for your mortgage. To get the lowest rate, do all you can to boost your credit score. This means, making all credit card and loan payments on time, minimizing debt and avoiding new credit applications just before you apply for a home loan and until after your home loan closes. Learn more about how to improve your credit score.

Get mortgage pre-approvals

To position yourself as a strong buyer, consider getting pre-approved for a mortgage before making an offer on a house. Pre-approval, a more robust process than pre-qualification, proves to a seller that you can get the necessary financing.

You can buy a house with much less than 20% down

It used to be that buying a home meant you needed a 20% down payment. Today’s homebuyer can take advantage of low- and no-money down options. In fact, the Consumers 0% down, no PMI mortgage and our 3% down with low PMI HomeReady™ options are perfect for first-time buyers, including solo buyers.

Be prepared for future home maintenance expenses

Whether you’re a solo homebuyer or a married partner qualifying on just one income, you need to be prepared for the financial responsibility of home maintenance expenses.

Before buying a home, aim to save an amount equal 1-4% of what you anticipate spending on the purchase. For a $250,000 home, this means setting aside a minimum of $2,500. This will help you cover the cost of necessary repairs, appliance replacements and systems upgrades.

Also, update your budget so you continue to save for maintenance in the years to come. The older and larger the home you buy, the more you should set aside. Your home maintenance savings should be in addition to your emergency fund.

Talk to us!

At Consumers we help members from all walks of life — including singles and couples with just one income — buy homes they love with competitive home loans. Call us at 800-991-2221 and ask for a Consumers mortgage loan officer who will help you with the loan process every step of the way.

Consumers helps more than 2,000 members finance land, first and second homes, and home improvement projects each year. We’d love to help you with a mortgage or home equity line of credit; contact us online or call us at 800-991-2221.