Here are your home buying options if you have just one income stream.
If you’re thinking of buying a home, you can absolutely do so with just one income.
The thing is, you don’t need to put a ton of money down to buy a house. There are some great loan programs out there that allow you to put down as little as 3% (and sometimes less). Even conventional loans go as low as 3.5%. So think about your price range and how much you can afford at 3.5% down. What’s 3.5% of, say, $250,000, or whatever your income may be?
There are also government-assisted programs for those who fall below a certain income level. To qualify, you have to attend a class that prepares you for homeownership by going over things like maintenance, budgeting, and more. You can use government-assisted programs if you work for the government as well. If you’re a veteran of the Armed Forces, you can use a VA loan and not put any money down.
Another option is to use owner carry financing, with which my team and I can help you. In short, we find sellers who aren’t thinking about selling but would if they were presented the right offer, and then have them finance the offer. Financing is lucrative, so some sellers may be willing to finance a first-time buyer at a certain interest rate instead of having them go through all the different hoops of dealing with a bank. After the financing term ends, you can refinance and build your credit back up.
If you’d like to know more about your home buying options or have any other real estate questions, don’t hesitate to reach out to me. I’m here to help.