Buying a Home for the Single-Person Household

The number of single homebuyers is on the rise. Nearly 28% of all households consist of one person – twice as many as 40 years ago. Qualify for a mortgage as a single with these three tips for success:

1. Know your credit score
   Qualifying for a loan is based solely on your finances and credit history, so be sure to review your credit history free of charge at annualcreditreport.com. Next, take steps to correct any errors and raise your score as much as possible before starting the homebuying process.

1. Look into down payment options
   Most lenders offer mortgage options with varying down payment requirements. Contact a loan officer to determine which is best for you, and how much you’ll need to save for the down payment, closing costs, and fees.

1. Make a list of Your “Gotta Haves”
   Not sure what your dream home (or condo, or townhome) really is? Make a list of all the features you want, then determine which are “gotta haves” and which are “nice to haves”. This helps simplify the homebuying process for you and your agent.⁵