REMI Provides Tips for Single Homebuyers

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The Real Estate Marketing Insider offers some advice for single homebuyers to improve their chances of successfully finding a home.

The Real Estate Marketing Insider released a list of tips for single homebuyers to help them successfully navigate the housing market. REMI’s advice came after news that single homebuyers are having more trouble procuring mortgages in the current economy.

The Press of Atlantic City broke the news this week that despite the healing housing market and historically low mortgage rates, not everyone is able to simply walk into their dream home. Specifically, single first-time homebuyers - anyone not married or in another dual-income partnership - are having trouble procuring mortgages. Although banks do loan mortgages to singles, their share is not very large; they only make up 35 percent of all recent homebuyers, according to the National Association of Realtors.

There are three big obstacles to homeownership for singles buying their first home. First, most banks require an income that ensures less than 41 percent of household income is spent on home payments. Secondly, the single homebuyer must have a two-year work history. In addition, they must have higher credit scores, with a clean or nearly-clean credit history.

The good news though, is that homebuyers who meet these stringent criteria can enjoy historically low interest rates and some of the best loan terms in recent memory. Here are some of REMI’s tips to help single, first-time homebuyers who may be having trouble breaking into the market:

-Look closely at assistance programs. Often, there are nonprofit or governmental assistance grants available to help single-income individuals get their first home.

-Consider a San Diego beach rental or condo rental as a temporary prelude to buying a house. Rent-to-own programs might be good options for homebuyers with a foreclosure or short-sale in their recent past. Others can look at renting in markets they intend to buy in later

  • Establishing an employment history nearby while renting helps improve the chances of being approved for a loan.

-All hopeful homebuyers should be saving money for a down payment, which can help a bank feel more at ease with granting a mortgage. When examining real estate advertising and websites for possible homes, buyers should compare the total price with their ideal down payment, and hope to furnish at least 5 percent of the property’s total cost as a down payment.

The Real Estate Marketing Insider gave single homebuyers some advice to help them get approved for mortgage loans, after reports that single, first-time homebuyers are still having trouble procuring home financing. REMI advised buyers to take a look at homeownership assistance programs, rent prior to owning, and actively put away money for a down payment.

About Real Estate Marketing Insider:
The Real Estate Marketing Insider delivers online news, tips, and analysis to real estate professionals, home buyers, and home sellers. An indispensable resource for anyone interested in the real estate market, REMI can be found at realestatemarketinginsider.com.

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