I’m 23, going to be 24 this year, and im a single mom. I live with my mom and step dad, but more than anything, I want to buy my own house for me and my son. I dont get help from his father, and I dont ask for help. I want to do this, so I can be on my own. Im ready for my aon and I to start this next chapter in our lives, and ive thought so hard about this. What are the steps to take into doing this? What am I looking at? I’ve seen friends my age buy homes, but im so scared to do this.
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Talk to a lender and realtor in your area
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Save for a down payment. Make sure you have good credit or take steps to fix it.
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Look into first time home buyer programs
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The main thing you need is good credit. You need to be pre-approved for a mortgage in order for a buyer to take your offer seriously. Hope this helps
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The USDA rural program is pretty cool. They are really helpful.
Have the same job for a while and residency to prove stability, good credit, enough income to pay mortgage and all monthly bills
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Talk to a realtor…Look to see if you can get preapproved for a loan…I’m going through this right now…And I just found out that even though they’ve been separated for over 8 years and he never filed for divorce that his ex wife is gonna have to sign off on us getting a house…
Get with your bank to get pre-approved for the amount you can afford. They have great programs for 1st time homebuyers. Then find a realtor you trust to show you homes in your price range. The realtor usually walks you through the rest once you find the home you want.
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Only in the same boat as you but with two little girls. I’m currently saving every penny I possibly can because I do find decent little mobile homes to where I can play lot rent it would be a lot cheaper than mortgage I’m just trying to save up 10000 because I find them in my area for about 5
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Absolutely talk to a realtor in your area about all the help you can receive. Shop around for a lender, dont go for the first one. And very importantly get preapproved through a lender.
You’ll need some cash for a down payment and closing costs so save up and talk to a realtor. They can help with the rest. Good luck!
First of all, check your credit score. It will jave to be Good or above. Next, downpayment. Gotta throw something at the start. Talk to a finance person. They’ll run your numbers and tell you how much you can afford.
Check your credit score… from talking to my lender (we just started the process a month ago) they have upped the credit score limits to around 620 for borrows. You don’t have to have a down payment look into down payment assistance but your lender should be able to help you with that. Reach out to a realtor (ask friends who they’ve used and if they like them) and ask that realtor about other lenders (from our experience 3 lender quote for interest rates was good for us and we got a great interest rate) once you know what lender you want to go with and what your preapproval price is… start looking for a home. You must have income and have a decent credit score to be able to qualify. Find a house and put an offer in!
Save a Downpayment and make sure you have a good line of credit -your bank can help you with the rest
Have you saved?? Good credit??decent job you got this… good luck
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Buy a house under 20 thousands or so . Do not go over that amount and you should be ok
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if you make enough by yourself, good credit you can do it. i make decent money and have decent credit and i couldnt do it myself. i had to have a co signer. and depending on the price you will need to have money for closing which is thousands of dollars
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Got in to talk to your banker. They will help you with everything . Mine did. Good luck.
Most definitely get a fixed rate loan.
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Credit history, rental history, a large amount of money and a pre approval from a mortgage company
Following.
I’m looking to do a bus build to get out of my moms house, rebuild my credit and buy land
Hey single mama. I’m a single mom that bought my first home 2 years ago. I see a lot of people mentioning a down payment. You don’t have to have a down payment. If you’d like to message me I’d be happy to share my experience with you.
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USDA loans have no down payment, lower interest rates and usually no closing costs. They aren’t available in big cities though. Have 2 year employment history. Credit above 660.
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Just so you know hun…good credit and money down isn’t a must. You can qualify for a mortgage still. Also start looking into local grants through Your trustee as well as through the bank that gives the loan(they get so much a year for things like down payment help for people who qualify). You can also looking to HUD housing. My advice start with a realtor and they can get you in all the right directions and get you set up with a loan officer to work on your preapproval
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Make an appointment to speak with the loan officer at your bank. They can explain the types of loans and how to qualify. Save money if you can to avoid paying PMI on your mortgage.
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U need to look into first time homebuyer programs, u need to make sure u have a good enough credit score to qualify for a loan, and although u don’t always need a down payment I would suggest if u can do it, even if u don’t need to do it, put down a down payment. If ur credit score is not high enough there are many credit card programs that will help I fix that in as little as a year. The score is so important because it will determine how much they can lend u and what percent interest u need to pay. Talk to ur bank or another lender and find out if u even qualify and how much u qualify for and then u can start looking for things in that price range and see what ur options are
Don’t forget to look and apply for government help. Depends on your location there are plenty of help for first time home buyers. Some will even cover down payment. As a banker one thing I can tell you is avoid big banks, credit unions are usually easier to approve you with lower interest rate
I don’t know if you have places like this but I’m in a low income place… my house is 4 bedrooms 1 bathroom and I pay the rent & utilities… it’s definitely affordable: just to gradually save up so you can actually a good place… my rent is $719.00 plus utilities…
Build your credit is #1
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Find a good realtor u trust and a lender to work with. I am a real estate agent and would b e glad to help you. My office is 4107420300
Call your bank / credit union, tell them you’re interested in buying a home and want to find out what it will take and they should guide you from there. They will look at your situation (income, credit score, etc) and tell you where you stand for buying a house. We thought we weren’t in a good enough situation yet, but wanted to figure out what we needed to do to get there, come to find out we were right where we needed to be! Good luck to you 
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I had daughter at 18 almost 19 and I bought my house when I was 20 almost 21, still in same house, I only got $150 a month for child support I’ve had a lot of help from family as far as babysitting part goes but other then that its been all me, ive had same job for 10 years… make sure you have good credit, i built my credit up in 6 months in order to get a house and all i did was spent $50 on card then when bill came in I paid half then when the next bill came in I paid the rest then used my card again, spent 50 and did this every month and only did minimum that way i could afford losing 25 a month, while still paying rent and saving up.
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Enroll in a first time home buyers program. They will help you every step of the way.
Try to get your credit in order if it is not. Then save up as much as you can. The more you put down, the better. Make sure it is a fixed rate. Maybe you can also start with a condo.
I bought my first house when I was 23. You need to have a job that pays enough to afford the payments. Check your credit and save money. Talk to a mortgage lender and see what else you need to do to qualify and how much you can afford.
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First thing is first, get your credit in order, then speak with a mortgage broker to find out what mortgages are out there for you and get you prequalified, after that find a realtor and look for your dream home!! You can do it 
You’ve been given great advice about the financial aspects. I’d suggest research where you want to live. Visit the neighborhood during different times. You home is an investment so make sure it is the best choice you can make.
Talk to a mortgage broker and a realtor and start saving for a down payment
I’m 19, and me and my husband (and our two children) just bought our home in March. The best way to start is by getting a realtor. They will help you find the right loan for you, then what you want in a home, and have so many more resources than anyone else could get their hands on. A lot of younger people don’t know about buyers agents and just think you need a realtor for selling.
It usually boils down to your credit score. Some places will also allow you to show a payment history on other bills to show you pay your bills on time. If you don’t have credit, look into getting a prepaid credit card to help build your credit. I got one through Capital One and had good enough credit to get a loan to buy a house in less than 3 years, and that was starting with bad credit from medical bills that got turned into collections.
Talk to a realtor. When I brought my first home 20 some yrs ago, she found a site/place/ mortgage company for first time home owners. 2 % down. Got me pre-qualified. Go to open homes & see what is out there, you can also find a realtor that way
You’ll need at least 20% of your own money for a down payment plus closing costs, if you’re getting a loan, unless you can somehow find a loan for single moms, they’re out there just make sure you do your homework, I’d find a realtor or an accountant who can help you figure that out.
Definitely talk to your bank about the best loans for your situation too.
Make sure your credit and rental history is up to date and in good condition.
Houses will be cheaper if you find one that needs some work but you may not want to do that with your situation.
Most banks won’t give out loans unless you’re making a certain amount or have been working at one job for a certain amount of time.
You need to sit down with a lender and even see if you qualify, how much money down you will need and expect to have at closing.
You may not contact a real estate lawyer
Find a good realtor to help you…she will sit down with you
First id start buying stuff u would need for a home and than saving money for a deposit… also if u have anything on ur credit id fix it and get that credit score up and than talk to someone
go to a bank and sit down and talk with someone or a financial consultant
Bank first to see what your chances are for a loan for a down payment. . If or when you are approved find a realtor. The realtor will help you find a house you can afford and thats right for you and your son.
Talk to a mortgage specialist at your bank. They can help you with explaining different mortgage options, including federal and state programs for first time homebuyers and USDA loans, which can be forgivable.
Find a realtor tell them what you’re looking for or thinking they’ll point you to the direction for the right lender or bank for what you are wanting to do and go from there good luck we started the home buying process 2 years ago and we’ve been in our house for 1 year. It can seem daunting and overwhelming but it can be done just do everything one day at a time
Go and talk to someone about home finances. A local realtor may be able to help you with one. They will help you to figure out how much you’ll need for a down payment as well as advising you on which loans work best for which properties. For example FHA is one that most people are familiar with but they are notorious for balloon payments. There are also certain loans available for people who are teachers, in the medical field or public services.
Find a good realtor and a mortgage broker for advice.
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It is scary but first thing to do is see a realtor their offices are so informative and helpful
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Yep, good job. Good credit score. If that checks out good, then if you are a first time buyer you get help as a first time buyer. It’s cool.
Or you could look for a rent to own and see how that may work out for ya.
Best of luck to ya. Stay strong and reach for the stars
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There are special programs for first time buyers that sometimes you don’t have to hardly have a down payment but I don’t know the name of the programs.
You should also research any available programs that will help you with your down payment…like you, I am a single mom…and that’s how I got into my house…(20 years ago)…and I had my house built…if there’s a will, there’s a way. Good Luck to you and your son. God bless.
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Find a good realtor that can step you thru the entire process. They can help you to figure out what you can afford and what the next step is. Good luck
First off, I want to say I know the feeling of raising children while living with family. It can be troublesome, especially to not at least be able to say the place is yours. Youre looking for independence and its a beautiful thing. My daughter almost 2 when I moved out of my fold house, and I was almost 21. I always rented and the thought of owning a home when I lived in NJ where I grew up, just seemed unattainable with the cost of living. Please don’t rush it. Skip right tf over all these negative comments and do your research. Be smart! Do right for you and your son. You’re doing the RIGHT THING by asking.
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Dont count out townhomes. My husband and I bought out first place when I was 32. First time homebuyers program was super helpful for us. I was also against getting a townhome until we found one we loved. We looked at houses too, but we didnt love them.
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Check your credit score–if it isn’t in good shape then spend the next 6 months getting this straight. Start paying down as much debt as you can or putting money aside in savings. Go ahead and get pre-qualified for a mortgage. It lets you know how much you can afford and you don’t waste time looking at houses outside your price range. We are in the process right now.
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12 years ago I took a class at the YWCA. They helped me raise my credit score and taught me a lot about finances and how to purchase a house. I had very little to put down , got a good interest rate and have been in the same house ever since. Good luck!!!
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There are government programs that will help you buy a house. I am a single mom and bought a beautiful home for me and my kids. I pay way less than I would pay for rent.
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Make sure you get into a low mortgage payment. You definitely don’t want to get into something you can’t sustain. I set my own price based on what my monthly payment would be. I qualified for much more, but I like being able to afford extras, vacations, etc. Check your credit score and take measures to improve it. Meanwhile, save some money. You should qualify under the first time home buyer program and only have to put 10% down. Make sure you take into account that mortgage companies also collect taxes and insurance rolled into your monthly payment.
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If you are a first time homebuyer…no down payment needed. My son was told first he has to rent for a year to prove he could pat a mortgage. After that he can go pre qualify.
Make sure you have an acceptable debt to income ratio. Make sure you pay all your bills on time/early. Have 10%down plus closing costs. And remember homeowners insurance and property taxes .and amount for unforeseen repairs set aside . I decided home ownership isn’t all that it’s cracked up to be.
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Make sure your credit score is above 750. Save 10% of cost of house as down payment. Have a goid income. These are essential.
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There are programs for single moms. My friend did it and mortgage is way less than rent anywhere.
Your credit score is a major factor. Find a mortgage company get preapproved they’ll tell u what range financially. But u need to know factor in all household bills what ur looking to spend
Check into Habitat for Humanity. Seriously. Consider it if possible
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The seller pays the realtors, so definitely get a realtor and they can explain more things to you as well!
First consider the costs. Mortgage utilities property tax upkeep. Etc. then you have to consider repairs. New roof, plumbing, painting, and unexpected repairs. If you think you can handle all of that then go find a condo or Mobil home first. That will get you used to unforeseen expenses. After a couple of years and saving everything you can then look for a house. They are so much more than just the mortgage
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talk to Carl Johnson at Global Wealth in La Canada, he really knows what he’s talking about
First time homeowners loan you need to look into this it’ll be your best bet. Sometimes you can get the seller to pay closing costs. Not often but sometimes.
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You have to pre qualify with a realtor
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I’m a realtor. Inbox me. I can tell you what you need to do get there.
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Make sure you have a near perfect credit score if its not above 700 it won’t happen
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Watch out for real estate sales people that only will give you info on one mortgage company. They may guide you to someone that gives realtors a kickback.
Look into USDA rural housing. Cheaper, easier and no down payment or income requirements
Look for HUD home buying course in your area. They have a step by step plan. And maybe home buying assistance $$
1st home, look at it as an investment. is there room for improvements (ie, add a deck, covered sitting area on porch etc…) hows the school ranked statewide, is neighbor hoods shopping area expanding, lot of construction in area?
For one thing, no adjustable rates, a fixed rate loan is way better. Do not buy more than you can afford, buy up from there as the equity builds in the house you do buy
There are lots of programs for 1st time home owners, check your city and see if they have any. Also you might not needa real estate agent depending on where you are if you go to a new home builder with their own sells agents. New homes may cost a bit more but you need to take inconsideration when you are buying an older home if you can pay for repairs that will surely come up. Shop mortage companies for the best rate. Check your credit score and call mortgage companies before you call an agent
You might beable to apply for a government home… ( USDA.Gov.) your house payment is calculated by your income. It helps people to get there own home
See what price you qualify for. Decide what area you would like to live in. Make sure you have a complete inspection of the house you chose to.purchase. See what your yearly taxes will be a homeowners insurance. Do you want escrow in your mortgage. Hire a repuable real estate person who will show you houses. The best to you
Check into Habitat for Humanity in your area.
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look into The Governor House program helps many single moms get into homes
Go to a credit union an ask are your bank??
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you need a down payment and there is a formula/calculation on how much income qualifies you for a loan…plus a good credit rating
First you have to talk to a mortage lender and see if you can even get preapproved for a loan. No sense taking to a realtor until you do this. Also make sure your debt to income ratio is low. Like eliminate any debts you may have or start paying them down.
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Make sure you have really good credit, then talk to a realtor.when you buy the house I feel that you may have to get an adjustable loan ( because you have never had a property before) but this is important to know, work your hardest to try and get a regular Fixed rate loan because your payments will never go up. If you live in California that’s pretty much how it is. I don’t know about other states.Maybe you can get your mom/ dad to co sign the loan, but if they do never let them down.Buying your first house gives you such a wonderful feeling, but ask people if they know a really good realtor and this way that realtor will tell you everything you need to know.write down all your questions and make sure you understand everything. God Bless you and good luck to you:heart_eyes:
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if your asking help to be able to move out and buy a home then u must need help with everything else like getting a car washing dishes how to mow a lawn etc
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Ask a mortgage lender about USDA 100% Financed loan. Its great and no money down. I bought my home 7 years ago with this loan.
You have to have a job and good credit.
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Well, first the money you would get from babies daddy is for him get over your ego and do what’s right for your son! With your mind set you are no way ready to take on a house loan!
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Talk to a mortage lender for free they tell you everything you need!
Get in touch with Danielle Delzell. She works for Remax.
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I literally read horse instead of house and I was so confused
Get a realtor, get qualified, and go from there
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You could look into a rural development loan
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