You’re not alone! According to NAR, in 2016, single women made up 17% of home sales (highest point since 2011) while single men represented 7% of home sales.
On average, women earn less than men but that hasn’t stopped women from their desire to own a home. With the down payment assistance programs and first time home buyer programs, why should it?
There are many things to keep in mind when you start your journey to home ownership. This is not like renting. When you buy a home, you own it and all the repairs and maintenance that come with it over the years. You’ll have taxes and insurance to add to your mortgage and other fees. Scared yet? Don’t be! That’s not the goal here. But helping you be prepared is.
Tips for buying your home:
Seek out a lender and get pre-approved. Nothing says I’m serious about buying a home than a pre-approval for a home loan. This lets the Realtor know that when you find the right house, you’re ready to make an offer. Check out some of the down payment assistance programs and other programs so you can have an idea of how they work and what you might qualify for. Although your lender will provide you with options, it’s always good to go in with some knowledge.
First time home buyer – http://www.mnhousing.gov
USDA home loans with zero down –https://www.muihomeloans.com/programs/usda-home-loan/
VA home loans with zero down – https://www.muihomeloans.com/programs/va/
There are other loan programs to choose from. Loan programs have different guidelines so your lender will be able to help you choose the one that best fits your situation.
Buy what you can afford. You may be qualified for more than you want to spend monthly. Go with your instincts on this one. If you are not comfortable buying at the highest amount you qualified for, then don’t. The amount you qualify for is just that and doesn’t mean you must buy at that price.
Find your real estate agent. This can come from a recommendation from your lender, family or friends. Just be sure that he or she is listening to your needs. You may not connect with your lender or Realtor. It is your choice and you want to feel comfortable with whom you work with so don’t feel obligated to hire the first person you meet. Just a note; if this is your first time buying a home, there is no fee to pay to your agent when purchasing a home unlike when you’re selling your home.
Think about resale. Think hard about that house you might find fun with its quirky angles and odd rooms. If it seems like a great deal and offers aren’t pouring in, it’s likely because of these odd features. It will be no different when you go to sell it.
You always hear location, location, location! Well, there’s something to that. Consider the school district and convenience to shops and parks. Even if you don’t have children, living in highly rated school district will certainly be to your benefit when the time comes to sell your home. Your Realtor can provide you with crime data, school district data and historical resale data so you’ll have an idea of what you can expect at resale.
Mortgages Unlimited is a local mortgage company serving not only the Twin Cities but also, South Dakota and Wisconsin. Minnesota Housing programs are not available in South Dakota or Wisconsin. We work on the behalf of our clients ensuring they are getting the best possible loan while providing outstanding customer service.
Give one of our Mortgage Consultants a call @ 763-416-2600 if you are looking to purchase a home or refinance your existing home loan. Or you start a secure online application at www.muiapply.com.
This entry was posted in Helpful Tips, Home Mortgages, Real Estate and tagged first time home buyer, home loans, Home Mortgages, Mortgages Unlimited Maple Grove, single women home buying by Marilyn DiCharia. Bookmark the permalink.