I never thought owning my own home would ever be a reality for me. This is because, as a single mom, affording a house on my own seemed all but impossible. Especially in my housing market of NY where homes prices are high and property taxes – just astronomical.

Accordingly, in looking at the steps to buying a house, I’d stop at the down payment part with a sense of overwhelming discouragement. My thought: “How on earth can I save that much money?” It felt impossible.

Nevertheless, several years later, I now stand as a proud single parent home owner. So yes, it is very much possible to purchase a house as a single parent. This Blissfully Single Bean stands as living proof of that.

Moreover, the number of single parents who are embracing home ownership is rising. The National Association of Realtors reports that roughly 25% of home owners in 2019 were single. While, lending practices tend to favor two incomes, single parents aren’t excluded from the American dream. As single parents though, we just need to work a little bit harder and approach home ownership strategically. In the end, the recipe for single parent home ownership includes the desire and a plan.

FHA Loans

FHA Loans make home ownership affordable, especially for single parents. Federal Housing Administration (FHA) loans are geared towards those who do not have the standard 20% mortgage down payment to put down on a house. Instead, with this type of loan, you can put down as little as 3.5%. It’s also a great option if you don’t have the strongest credit score as a person is able to qualify for an FHA loan with a score as low at 580.

USDA Loans

United States Department of Agriculture (USDA) offers a loan with 0% down. In order to qualify for a USDA loan, there’s an income eligibility requirement. In addition to meeting the income threshold, the residence to be purchased should be in an area designated as rural. The USDA defined a rural area as: “any town, village, city or densely settled area that has a population of less than 10,000 residents.” Again, this loan is a good option for single parents as you are able to finance 100% of the home cost.

Family and Friends

Yes, you read that correctly. When trying to purchase a house, don’t be afraid to ask for help from friends or family. I speak from experience as my sister helped me with a loan to help me with my mortgage closing costs. You’ll never know until you ask.

Single Parent Down Payment Assistance Programs

There are several state and local programs that provide down payment assistance to single parents who want to buy a house. In fact, there are more than 2,000 of these programs nationwide. Check with your state to see which programs are available and apply!

Home Ownership is Possible

Is affording home ownership possible for a single parent? Absolutely. The key is finding the resources that will assist you in making the dream of home ownership come true. From mortgage financing options to single parent home ownership assistance, there are resources out there to make the dream of owning a house a reality.

Blissfully Single and Yours,