Home Ownership as a Single Parent
I didn’t think, as a single mother, home ownership would ever be a reality for me.
I’ll never forget. At the time, I was renting an overpriced, tiny apartment on Long Island.
My oldest child is 8 and my youngest, 4. Disappointed in myself for no longer being in a relationship with the father of my kids, I often re-evaluate my choices.
Honestly, this is not the life I imagine when framing what my family looks like. The family I want has a husband, children and a house. This wasn’t my reality.
The thing about life though, is that we make all these plans. Ultimately, life leads us into its own course. I came to terms with my relationship not working out and ultimately leading to marriage, but the desire to own a house never left me. With or without a husband, I still wanted my own home.
Nevertheless, I didn’t think home ownership was a dream I could ever realize on my own.
Thankfully, I was wrong. Because now, I stand as a fiercely proud and blissfully single home owner.
The fact is, obtaining the American dream shouldn’t be regulated or afforded to only married couples. As single parents, we deserve this too. More importantly, our children deserve it.
Now I should add, home ownership isn’t for everyone – married or single, because it is a lot of responsibility. However, if you’re a single parent and your desire lies in owning your own home, your single status shouldn’t stop you.
I didn’t let it stop me and I can tell you this: buying a home is one of the best decisions I’ve made for myself and for my children.
Tips for Single Parent Home Ownership
Set Realistic Housing Affordability Goal
Buying a home is expensive. You need to set a realistic goal on how much home you can afford. When I was looking for a home to purchase, I wanted to purchase in the neighborhood where I was renting because of the great school district. However, not only are the homes more expensive in that area, but the property taxes were $10,000 a year. Property taxes that high would add $1,000 to my mortgage alone! On one salary, this just isn’t affordable. I ended up purchasing a home about an hour east that was much more affordable – AND being out east, there’s more space, so I found and purchased a home with a huge yard. If home ownership is what you really want, don’t be afraid to move a little further to find something affordable.
Save Money
I can’t stress this enough: if you are serious about home ownership, then you have to save money.
It came as a shock to me. Not only do you need a down payment, but there are closing costs, which is another sizable amount. In addition to a down payment and closing costs, there are ancillary fees like the cost of a home inspection or land survey. Buying a home is costly, now is the time to start saving. Especially as a single parent.
Maintain Good or Obtain a Good Credit Rating
I’m going to be completely transparent. If you’re looking to purchase a home, you don’t need perfect credit. However, you will need a minimum credit score to be approved for a home loan. That make sense?
The Federal Housing Administration, or FHA, requires a credit score of at least 500 to buy a home with an FHA loan. A minimum of 580 is needed to make the minimum down payment of 3.5%. However, many lenders require a score of 620 to 640 to qualify.
Also, the higher your credit score, the lower the interest rate, which means a lower mortgage payment. Ultimately, buying a home means that you need to work towards getting your credit score as high possible.
Establish a Support System
One of the most difficult parts of purchasing a home as a single parent is the lack of a support system.
Buying a house is a mentally exhausting process. From being outbid to a seller deciding to take their home off the market, there are so many disappointments to weather on the road to home ownership.
As opposed to our married, engaged or dating counterparts, we, as single parents, we don’t have a space to unload. Find a family member or close friend to be that support through the home buying process.
Home Ownership is Possible
As a single parent, home ownership is possible. Myself, along with so many single parents who own homes are a testimony to this. For us though, it takes a little more effort and determination. Ultimately, in the end, it pays off for both us and the ones most important to us, the children.
Blissfully Single and Yours,
