Just because a bank says you can borrow $300k doesn't mean you should. Leave room in your budget for extracurriculars, birthdays, and "life."
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. single mom buying first home
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. Just because a bank says you can borrow
Many states and cities offer grants or forgivable loans to first-time buyers. Check your local Housing Finance Agency (HFA) website. Consider townhomes or condos where an HOA handles
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.
You don’t have to do this alone. There are programs specifically designed to help:
If you are looking in a rural or suburban area, the USDA offers a program for low-income borrowers that can include 0% down payments. 3. Choosing the Right Property