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 us realize that doing do-it-yourself projects are not so hard. A few years ago I installed hardwood flooring in one of my bedrooms (it took me two days and had some sore knees) but it was well worth it. I probably saved about $700 in labor! When I returned the air compressor and nail gun that I rented, the male clerk at the Home Depot was shocked that I only had the equipment for two days. He said "Well I'm sure you had a man help you", where I replied "No. Did it all myself". The look on his face was priceless.

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.

Before 1974, when Congress amended the Fair Housing Act to stop sex discrimination, it was hard for single women to get a mortgage, or even a credit card, in their own names.

If a woman was married, her income was usually discounted on a loan application because the bank assumed she would stop working once she had children.

Those days are gone. Today, mortgage companies offer products to help low-income applicants qualify for loans.

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 ... :) at least I believe that. 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, I can help you! Having me, a single woman, as your real estate advisor and buyer's representative can guide you through the process. I understand your needs and concerns, and will make sure that you are making the right choices. Call me at 586-438-3038 and let's discuss your situation further.