Are you living on your own? Do you dream of homeownership? You are not alone. According to Freddie Mac, 28% of all households are sole-person, and that number is growing.
Here are three hacks for a sole-person household to help you achieve your homeownership goals.
Understand Your Credit Score
If you are buying a home by yourself, there is only one set of finances for a lender to evaluate. Yours! Your credit score needs to be as close to perfect as you can get it.
Many lenders and credit counselors offer free advice on what steps you can take to improve your credit score if it needs it.
Investigate Down Payment Options
Check out down payment programs so you can get a feel for what you’ll need to save to buy a home. There are pros and cons associated with many of these programs, so it is best to seek the help of a professional when reviewing them. A loan officer will tell you what programs you are best qualified to receive.
Keep an Eye on Your Future Home and Needs
Some things to you should consider.
- What type of home do you want?
- Where do you want to live?
- What are services and amenities are important to you?
- Do you plan to remain single?
- Is this an investment or a “Forever Home”?
- Is being close to work necessary?
- Do you need space for entertaining?
- Do you want a condo or a detached home?
A real estate professional can assist you in determining what the right home for you is. Lean on professionals to help you come up with answers.
There are more and more sole-person households. Buying a home as a single individual is possible. When you are ready to start working on your dream, a significant amount of free advice is available to you. Use it every step of the way