Single Women Buy Houses Too!

Single women are the second largest group of home buyers in the US and account for 23% of real estate transactions! (Single men were placed at 11% according to the National Association of Realtors). We are investment conscious. We like the financial security buying a home gives us.

Many single women opt for condominiums to avoid many of the maintenance issues that come with single-family residence ownership. But a growing number of women realize that doing do-it-yourself projects are not so hard.  Plus, when you buy a condo the monthly maintenance fee charged by the condo association is counted as part of the house payment, because it's reoccuring debt as long as you live there. What this means is you can qualify for higher priced single family home - For example, if the condo association fee is $100 a month, and let's say the price is $100,000, this could mean that you can actually qualify for a $110,000 single residential home since you don't have the extra $100 a month debt.

Because of new government loan criteria, many lenders will now help single women in several ways. They will:

• Let women count child support from an ex-husband as income to help qualify for loans.

• Consider divorced women as first-time buyers,even if they bought homes with their former husbands, so the women can qualify for further help. First-time home buyers can often receive down payment assistance or low-down payment loans.

• Let women use some alternative forms of credit history, such as their phone bill record, in case they never had credit in their own names, says Lowrie of the Mortgage Bankers Association.

Single women home buyers often need help because their median income is $47,315 a year — 20% less than for single men buyers.

Purchasing a home can be a scary thing to do....the first time. Once a woman buys her first place, it's easier the second time around. But be it your first, second or fifth home, it is really a great way to build financial wealth for women!

If you are a single woman looking to buy or invest in real estate, we can help you! We understand your needs and concerns, and will make sure that you are making the right choices. Call Tina Campbell at 586-421-1595 and let's discuss your situation further.