Home-buying tips for single-income women

Don't let the down payment scare you away
Coming up with the funds to make a down payment on a home can often seem impossible, particularly when so many Americans have sizeable student loan bills and more.
Andrina Valdes, division president at Cornerstone Home Lending, urges buyers not to let this part of the process discourage them.
"Over and over again, potential home buyers report saving for the down payment as the biggest hurdle to homeownership. When you're relying on one income to save up for it, the problem can seem insurmountable".
The good news is there are all kinds of down payment assistance programs that can help individuals get into a home for less money down.
The Federal Housing Administration loan is popular among first-time and single-income home buyers thanks to its 3.5 percent down payment requirement. There are also programs offered by the Veterans Administration and also USDA loans that may require no down payment at all, says Valdes.

Line-up a guarantor or co-purchaser
The reality is that many single income households, whether they're run by men or women, need assistance in buying a home in today's market.
Experienced agent Julie Gans of Triplemint suggests lining up a qualified guarantor, co-purchaser or someone who might be able to gift money for your home purchase.

Consider a fixer upper
A growing trend among home buyers with limited means has been buying older properties and rehabbing them, says Ralph DiBugnara, president of Home Qualified.
"There are a few mortgage products in the market right now that make that easier," said DiBugnara. "Fannie Mae has a loan called Home Style and FHA has what's called a 203k loan. They both allow you to not only finance the purchase price but also construction costs in the loan to help your home look new."

Look at homes well below your means
Real estate analyst Julie Gurner, of FitSmallBusiness.com, says it's critical that single income households buy properties that are well below the amount they've been pre-approved for.
"You see that gorgeous home at the top of your range? Pass on it, and you'll be glad you did," said Gurner. "Single women and single income families have to be especially mindful to buy a home below their means … It gives them an additional expense cushion every month. Things come up. Doctor visits, your car breaks down, or your furnace breaking can be a big financial hit if you don't have the ability to absorb it. On months where nothing goes wrong, you have the ability to save."
As a single income earner, it's important to protect yourself financially and be able to provide the necessities that make life stable. Having a home below your means can give you both and a great place to live.

House hunt during the right season
When it comes to finding an affordable home, time of year can make a big difference.
That means shopping during the right seasons, when prices traditionally are more negotiable and inventory is better, says Valdes.
Recent data from Trulia shows that there's a 7 percent spike in starter home inventory during the fall, making it an ideal time to find a good deal. On the flipside, starter home inventory drops by more than 20 percent during the summer, making the warmer months a less appealing market.

Minimize credit card debt
As you embark upon your housing search, it's critical that you reduce existing debt. This helps on a variety of levels.
For instance, not only does it make you a better mortgage applicant, it will also help once you're in your new home dealing with a whole host of new expenses.
Gans, of Triplemint, suggest tackling credit card debt in particular."Pay off all credit cards prior to purchase to lower your income to debt ratio," advises Gans. "This reduces your liability and makes you look more appealing to a seller."

Copyright © 2018 North Jersey Media Group Inc. This article originally appeared on Credit.com.