Do not skip the home inspection. You need to know exactly what you are walking into so you aren't hit with a $10,000 plumbing issue in month two. 5. Managing the Stress
These allow for a down payment as low as 3.5% and are more forgiving of lower credit scores.
Just because a bank says you can borrow $300k doesn't mean you should. Leave room in your budget for extracurriculars, birthdays, and "life." single mom buying first home
Get pre-approved before you look at a single house. This tells sellers you are a serious, qualified buyer.
Consider townhomes or condos where an HOA handles exterior maintenance (roof, siding, lawn). While there is a monthly fee, it protects your limited time and prevents "surprise" repair costs. Do not skip the home inspection
A higher score equals a lower interest rate, which saves you thousands. If your score is below 620, consider taking six months to pay down debt before applying.
Since you are likely navigating this on a single income, your "buying power" and safety net are your top priorities. Managing the Stress These allow for a down
Lenders look at how much of your monthly income goes toward debt. Aim for your total housing payment to be less than 28–30% of your gross monthly income.