Tips for Buying a Home on One Income

You don’t need two incomes to buy a house. It’s becoming quite common (and necessary in some cases) to buy property with a single income these days.

Whether you’re buying your first property on your own or buying a family home with one income for the household, your financial situation shouldn’t hold you back from your goals.

Follow these tips to help build your path to homeownership.

1. Check your credit. The better your credit score is, the easier it usually is to get a mortgage. Be sure to look for any late payments and collections on your credit report — they’ll need to be settled before you can buy a house.
   
2. Consider your savings and cash flow. Take a look at your broader financial picture. You’ll need to have enough saved for your closing costs, down payment and an emergency fund. You’ll also want a good handle on what you can afford for a monthly payment, so reach out to start the preapproval process.
   
3. Look into government loan programs. FHA, VA and USDA loans can be great options for first-time homebuyers, with low or no down payment requirements. We can discuss if any of these are a good fit for your credit standing and budget.
   
4. Bring in a co-signer or guarantor for the loan. If your credit isn’t where it needs to be or you’re worried about qualifying, you can bring in a co-signer or guarantor to apply for the loan with you. Their solid financial standing could make it easier to qualify and get a lower interest rate than you might on your own.
   
5. Have an income protection plan. These plans ensure you have guaranteed earnings should you be unable to work. It should give you some reassurance that you’ll be able to afford your payments, even through hardships.

Get in touch if you need help finding the right mortgage program for your goals.