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Nakisha Wynn

Nakisha Wynn | Empowering Ambitious Mom Business Owners

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How to Buy a Home as a Single Mom: Is This the Right Choice for Your Family

June 9, 2021 · In: Family Finances

Do you want to buy a home as a single mom? If so, I get it. As parents, we all want what’s best for our families. We want to provide our kids and ourselves with the best lives possible, and often that means looking into homeownership. It may seem daunting and overwhelming to consider buying a home on just one income. As a single mom should you continue to rent or buy that home that you’ve always dreamed of? Are you ready to take the leap into the exciting but sometimes confusing world of home buying and mortgages? Here are some tips and resources on how to buy a home as a single mom so you can create a life of abundance and comfort for yourself and your children. 

Should you Buy a Home as a Single Mom?

The decision to become a homeowner is not one to take lightly. You may wonder if homeownership makes sense for you. So, the first step in buying a house as a single mom is to determine whether or not it’s currently the right path for you and your family. It’s a big decision.

Choosing to buy a home means knowing you’re able to cover long-term mortgage payments. It’s also important to realize whether or not you have sufficient funds for a down payment. Mortgage approval can come with closing costs, cosmetic upgrades and even repairs if you aren’t buying new construction.

You’ll likely come across things that need to be addressed within your home before you move in. The first step in buying a house as a single mom is figuring out how much you can afford to spend on your new home. Speak with a mortgage professional or use an online mortgage calculator to get the ballpark price range you should be looking for.

Can a Single Mom with Low Income Buy a House?

A single mom with low income can buy a house as long as she meets the loan requirements. The home buying process can be very stressful. So while raising children, working full time and taking care of a household it is definitely a decision that needs to be thought through.

One thing to consider when buying a home is the money needed up front to get into your home. There are down payments, closing costs, and other small fees that you will need to be prepared for. Once you get the home, improvements may also be required.

Most new homeowners find themselves at the home improvement store for weeks and months after signing on the dotted line. There’s always something to be done or something new to add or upgrade that isn’t always apparent in your walk-throughs. Little projects add up so it’s important to keep that in mind when deciding whether to continue to rent or buy a home.

With those things in mind make sure you are preparing yourself financially well in advance. Then, when you’re ready to buy a home, you already know what you’re looking for in terms of space, bedrooms, and amenities. Once you’re certain of your needs and are confident in your decisions you can begin your home search and see what’s available to you to buy a home as a single mom.

Programs that Help Single Mothers Buy a Home

There are several programs to help single mothers buy a home, whether you’re seeking mortgage grants for single mothers or assistance finding and buying your first home, you have options. If credit is an issue there are programs like the FHA and the USDA Rural Development loans let you use your credit history from other sources like rent and utilities as long as you have a good payment history for at least a year.

Single Mom First Time Homebuyer Programs

The single best tip for the single mom saving for a house is to look into savings accounts for families looking to purchase a home. Individual Development Accounts allow individuals to put money into the savings account. That money is then matched by the organization. According to the Social Security Administration, “an IDA is a special bank account that helps you save for your education, a first home or to start a business.”

If you don’t mind putting in a little bit of sweat-equity, Habitat for Humanity is a great choice. Single parents can roll up their sleeves and learn the ins and outs of building their own home. The organization repairs older homes and builds new ones for families in need. Not only does your family come away with a custom-built home, but the home loan is offered interest-free; learn more about the Habitat for Humanity selection process.

The United States Department of Housing and Development (HUD) sells foreclosed homes throughout the country.  Check out the listing of HUD homes to find one in your area. Similarly, The Federal Housing Authority (FHA) offers loans to first-time buyers with a 3.5 percent down payment. There are zero income-eligibility requirements for an FHA loan. A minimum credit score of between 500 and 580 is required depending on the loan percentage. Learn more about FHA loan requirements.

are there any programs to help single moms buy a house

Mortgage Grants for Single Mothers to Buy a Home

Saving the funds for a down payment on a home can be challenging, especially for single parents. Grants for single mothers trying to buy a home do exist and it’s fairly easy to apply once you know where to look.

Homebuyers across the country apply for and receive grants toward the cost of their downpayment. These funds do not have to be paid back. Often called down payment assistance grants, they originate from local state and non-profit agencies.

There are of course stipulations, guidelines, and rules to receiving a down payment assistance grant. The home to be purchased must be a primary residence, not a vacation home, and may be income-based. Special grants are available if you are an EMT, firefighter, law enforcement officer, or K-12 teacher.  You may qualify for a Good Neighbor Next Door grant. This grant gives the recipient 50% off of the list price of their home.

You can also check with your mortgage lender/bank for discounts on closing costs down payment assistance. Major lenders often provide this as an option for single moms and others looking to buy their first home. Also, if you are a veteran or current service member, you may qualify for a zero-down VA loan.

The best way to determine what grants you may be eligible for if you’re looking to buy a home as a single mom is to consult with a knowledgeable mortgage lender to help you assess your individual situation and circumstances.

Alternatives to Purchasing a Single-family home 

If the idea of purchasing a single-family home right now seems daunting, there are other options. Keeping up the maintenance of a home can be a challenge. If you’d rather not spend your weekends weeding or painting, consider whether a condo or townhome is a better choice.

The same mortgage grants for single mothers apply to condominiums, so don’t let the idea of constant home maintenance stop you from pursuing your dream of homeownership. For every unique family out there, the perfect home is out there just waiting to be discovered.

Single Mom Saving for a House

As a single mom, saving for a home is one of the biggest things you should do when you decide you want to buy a home. A solid saving plan is essential to make sure you have enough for your down payment and fees once you get approved for your mortgage. Determine how much you need to have and start saving as early as possible. Get your finances in order to make the process easier.

Budget your money ruthlessly. Cut your household expenses and spending and use the savings to put into a special account for your home buying fees. If income is an issue, start a side hustle that will be specifically for saving for your home as a single mom. Then automate the saving of that extra money. You can setup an automatic payment from your bank account to have it go to your home fund.

Ultimately you can buy a home if it’s something you want to do. It will take some work but you can get there.

OTHER HOME BUYING POSTS

How to Buy a Home as a Single Mom
10 Ways to Reduce your Household Expenses
How to Create a Budget that Works to Reach your Financial Goals
15 Side Hustle Ideas for Moms

How to Buy a Home as a Single Mom

By: Nakisha Wynn · In: Family Finances

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Comments

  1. Alethea says

    September 16, 2021 at 6:20 pm

    Thank you so much for the information. Knowledge is power…and hope! I can’t wait to look into these options when I’m less overwhelmed. 🙂

    Reply
    • Nakisha Wynn says

      October 7, 2021 at 12:47 pm

      You will! Thank you for reading.

      Reply
  2. Perissos says

    October 15, 2021 at 8:08 am

    Great insight!

    Reply
    • Nakisha Wynn says

      February 4, 2022 at 4:45 pm

      Thank you.

      Reply

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Don’t ever confuse what you’re offered, for wh Don’t ever confuse what you’re offered, for what you’re worth!

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The way I’m set up I can only give my energy to The way I’m set up I can only give my energy to a few things at a time. At the top of the year I was coming in hot and then boom….Omarion. 

In the midst of feeling crappy I had all kinds of brand deals due, a launch to execute, and babies to take care of. It was A LOT! 

When life be LIFEing it’s hard for me to focus on anything outside of my household. I’m fully present in real life so the virtual world gets put on pause. And I know that’s not the best idea when your building a business but…sanity!

Oh and passive marketing 😉

I finally have my energy back, and I’ve been posting on the Youtube channel and chatting with my email peeps…. I missed y’all.

Here’s to me getting it together and finding my way back. 

Happy Monday y’all!!

PS. What’s up with all these spam comments and bots? 🤨
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4 years ago I left my job with nothing! A month e 4 years ago I left my job with nothing!

A month earlier I realized I wasn’t happy. I was tired and frustrated with myself for living beneath my potential. Nothing was necessarily “wrong” I just knew there had to be more. I prayed and asked God to lead me into what was next.

Two weeks later I witnessed my coworker jack up my 3 year old and put her on the wall because she ran out of line and onto the playground too soon…..

Two days later my boss told me the state came in and saw she had me working in a position I wasn’t certified to be doing (nor getting the pay for 😒) and I needed to get it asap!

The morning of the test I woke up and realized I slept through my alarm, her multiple texts and the test! 🥴 I took that as my sign to move on. So I did!

At the time all I had was hope and a dream. I figured I could side hustle my way to what I was making then. All I knew was that my babies needed all of me, not some unhappy fraction of who I could really be for them. 

Even though I had no clue what I was doing or how I was going to make it work, I did it anyway! 

After getting up and calling my boss back to tell her I was gonna move on, I picked up my camera to document the moment.

A few days ago someone commented on that very video, I needed that in the moment. I realized I’ve come so far, did what I intended to do and am working toward the life that girl wanted! She’d be proud.

Thank you all for your continued support! I hope you know your journey to success may look a lil different in the beginning but trust yourself, something great is waiting on the other side of your decision!
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So we one week in how y’all feeling? I’m happ So we one week in how y’all feeling?

I’m happy with how the week went, I was pretty productive with good a pace.

Today I’m out in these Friday streets doing Friday things and preparing for a brand shoot this weekend. 

Ran in Homegoods & Hobby Lobby and topping it off with Chick fil A. I gotta make sure I throw away all evidence so my kids don’t see it tho. 🥴😩😂

The kids and I are gonna watch Sing 2 from the comfort of our couch this evening. Thank you @singmovie 

Anyway, Happy Friday yall! 

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It’s the first Monday of the month and all I’m It’s the first Monday of the month and all I’m thinking about is “How can I be better than I was last year!”

I’m done with doubting myself because I can do anything with God on my team.

I’m done with imposter syndrome because “I did that” the receipts are in!

This year I’m getting back fine 😜 aggressively delegating, staying consistent, living more, complaining less and gratefully celebrating every single moment.

That’s it. Those are the plans.

I hope you find the courage to do the same!

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