The Options and Opportunity Available
to Singles Hoping to Buy a Home
Here's a statistic I find fascinating ...
According to a recent survey released by the National Association of Realtors (NAR):
Single-female homebuyers outpace single-male homebuyers by a margin of over 2-to-1.
The percentages reported were 18% single-female to 7% single-male.
These statistics certainly back-up what I personally experience as a Loan Officer in New Lenox - Chicagoland. The number of contacts and requests I receive for information and Pre-Approvals from single females far outweighs the number received from single males.
While not a statistic reported in this survey, here's something I also encounter when working with single home buyers ...
Whether female or male, single buyers often have a support person at their side assisting them through their home buying and financing process. This is especially true when the buyer is young or purchasing a home for the first time.
The support provided them often comes via a friend or family member serving in the capacity of confidante ... someone accompanying the home buyer during mortgage discussions or home viewings. In these instances, the support person serves as a sounding board for ideas and opinions only.
Some fulfilling this capacity provide a more substantial form of support. The support and assistance they offer are derived from their own past experiences in the buying of a home or the financing of it.
Still, others provide monetary support. That monetary support is delivered in a variety of ways.
That Monetary support can come in the form of:
- Gift Monies:
a. Gift Monies typically come from parents or other family members, but others may "gift" as well.
b. There must be no expectation of repayment tied to the receipt of Gift Monies.
- Serving as a Co-Buyer/Co-Borrower:
c. This type of loan is often seen used by parents with children/students attending an out-of-state college. The parents provide the Down Payment Funds and the Income (or majority of it) required to qualify for a specific loan amount. These purchases are typically completed with a 20% Down Payment or more.
- Serving as a Co-Signor/Co-Mortgagor:
Co-Signor(s)/Co-Mortgagor(s) are not uncommon in purchases utilizing FHA loans.
In these instances: The Primary Borrower(s) typically doesn't qualify for a Mortgage on their own, but a family member, parent, or boyfriend/girlfriend can provide credit history, employment history, income, Down Payment Funds, that are treated equally to the Primary Borrower(s).
In other words, the combined incomes, combined debt, combined funds for Down Payment/Closing Costs can be considered collectively ... even though the Co-Signor(s)/Co-Mortgagor(s) is not intending to live in the home being purchased.
An extremely important message lies within the info provided above ...
What is that?
There are many mortgage scenarios available for consideration, should you hope to buy or finance a home ...
Those mentioned here barely scratch the surface of the myriad of options and lending scenarios currently available to single home buyers, as well as others financing. Depending on YOUR personal finances, there could well be other lending options that could prove beneficial and assist you in buying a home.
But the fact remains, whether a single female or single male dreaming of buying a home ... if you don't inquire or don't investigate your options, you'll never know if and what possibilities exist. So my question for you is ...
Why continue to wonder??
Take action. Reach out. Ask your questions now. Discover the facts surrounding your ability to buy, whether now or at some point in the future ...
I'll put my 40+ years of Mortgage experience and expertise hard to work on your behalf.
I'm easily found at: