More Single Women Are Buying Homes: Here’s Where And Exactly How They’re Doing It

The Best Mortgage Programs For Single Women

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There is no singular financial description of a single woman – of course. Some single women are wealthy and can easily afford homes on their own, while others might need some assistance. The truth is, if you are looking to buy a home with one income, you could face more challenges than couples who apply together and have proof of two incomes. But, that does not mean there are not ways to buy a home when you either have a low monthly income or a small down payment. If either of those describes your financial state, consider these loan types:

Conforming Loans

If monthly income is not the issue but you’re short on a down payment, this is a great type of loan. Conforming loans only ask for a three percent down payment (as opposed to the traditional 20 percent). They do require credit scores of 620 or higher. Additionally, you’ll need to pay for private mortgage insurance until you’ve reached 80 percent equity.

FHA Loans

FHA loans are backed by the Federal Housing Administration and are ideal for those who have a small down payment, as well as a modest credit score. With an FHA loan, you have to put down 3.5 percent of the property value, and you can have a credit score of 580 or above. With an FHA loan, you’ll also need to buy private mortgage insurance, but it differs from a conforming loan in that you’ll need to pay that insurance until you sell the property, refinance the loan or pay the loan in full.

VA Loans

Backed by the U.S. Department of Veteran Affairs, VA loans are available to veterans and service members. They allow for a zero down payment and do not require mortgage insurance. Plus, they often come with some of the lowest available interest rates. Additionally, they will generally accept credit scores as low as 580.