If you're a single parent, you may feel burdened with all the responsibilities on your plate, and you might think that with one income, it’s impossible for you and your family to have a house of your own. Well - it may be tough, but it’s definitely not impossible. There are several proactive ways for you to get the house you want for your family, so lighten up! Here’s a 5-step guide that can help you with that:
1. Determine your budget.
For a single parent, a budget is the first thing you must put in order before looking for a home. If you're a newly single parent who is used to two incomes, you may need more time to adjust to your new life.
Don't rush into it and don’t feel pressured into making several decisions all at the same time. Ease into your plan of purchasing a home, and start making a detailed budget. The goal is to find out how much more you can shell out for monthly mortgage payments while also paying for your current monthly dues such as utilities, car payments, school tuition fees, etc.
Once you’ve done the hard part of listing down all your monthly expenses and figuring out how to cover them with a single income, planning how to get a house will be a lot easier since you’ll know exactly how much you can allot for your mortgage loan every month.
And, when you do purchase a house, you also have to take into account the expenses of maintaining it. A free budget planning worksheet by Bankrate can help you with accounting and tracking of your expenses.
2. Be familiar with available assistance.
Acquaint yourself with The U.S. Department of Agriculture (USDA) and the Federal Housing Administration (FHA) programs that aid one-income households in buying their own homes.
USDA loans are especially useful if you're buying a house in rural areas or counties. USDA also has a program catered for single-parent families, known as Section 502 Direct Loan Program, which offers payment assistance through a subsidy that reduces the mortgage payment amount for a short time so that you can increase your ability to repay. FHA, on the other hand, could give you loans that require you to provide just 3.5 percent of the down payment instead of the usual 5 percent.
If you happen to be a veteran or in the military, there’s a VA loan with the option of no money down plus a string of other benefits. Check with your state’s local government housing offices if they offer programs that let you just give a 3.5 percent rate on the down payment and the closing. If you’re planning to avail yourself of these programs, you have to make sure to find a lender that is certified to offer these programs. Ask your agent about it and work through it together.
3. Sort out credit issues.
If you have credit issues or you do not have a credit history of your own, there are loan programs backed by the government that are flexible on credit and even exempt you from waiting periods associated with bankruptcy or foreclosure.
These type of loans, which you can have access to through the FHA and USDA, allow you to create a credit history through other sources such as the bills you pay monthly - rent, utilities, and insurance premium payments, given that you have a minimum of a year in good standing on those accounts.
4. Use your first-time home buyer status to your advantage.
The U.S. Department of Housing and Urban Development (HUD) has a reference guide which you can check if you qualify as a first-time homebuyer.
If you qualify as one, hone in on HUD's resource list so you can familiarize yourself with organizations certified by HUD to grant assistance to first-time homebuyers. Take note that there are also tax benefits for being a homebuyer (whether it’s your first time or not) such as deductions on home mortgage interest and loan origination fees.
5. Make a list of your family's preferences in a home.
Time is another valuable resource, and you can save so much of it when you make a list of preferences for your home. How many bedrooms does your family need? Are schools and hospitals within the area? Does it have to be near your workplace?
Carefully assess what you need in a home based on your family's lifestyle, and make sure to include your children if they’re old enough to help you decide. This doesn’t mean that you have to consult them every time you look at a home - just make sure that you show them their new potential home before you make your final decision to purchase it. Kids are often averse to change, especially if you’re relocating to a place they’re not familiar with, so it’s always best to make sure they’re more excited than scared. Having them weigh in on your decisions will be really helpful in the long run.

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Counseling Session Activities
- Prepare the buyer for executing a buyer representation agreement
- Explain agency relationships to the buyer and get state required legal consent to represent, if needed
- Inform the buyer of working relationship based on state law, the REALTORS® Code of Ethics, and the broker’s business policies
Building a Relationship
- Learn the buyer’s wants and non-negotiable needs
- Understand the buyer’s budget and what will be needed financially
- Help the buyer understand what property their chosen budget will buy
- Consider having the buyer fill out a homebuyer’s checklist
- Assist the buyer in examining how much they can afford to spend
- Provide quality lender resources
- Partner with the buyer to locate suitable properties for consideration
- Match the buyer’s needs with available property
- Constantly re-evaluate buyer’s needs and refocus property showings to fit those needs
- After ensuring the buyer understands what is done for them, how it is done,and the benefit to them, obtain signatures on the buyer representation agreement
- Explain how compensation is paid, who pays it, and what the buyer’s options are for paying it
Educating the Buyer
- Communicate the working relationship based on state law, the REALTORS® Code of Ethics, and the broker’s business policies
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- In accordance with state law, provide information on checking the sex-offender registry and crime statistics for the neighborhood
- Discuss available resources that the buyer can check to learn more about prospective neighborhoods

Preparing the Buyer
- Explain the timeline for house hunting, mortgage approval, and closing
- Explain the local market and how it impacts the buyer
- Show statistics on what percentage of list price sellers in the area are currentlyreceiving
- Inform the buyer on what home features are popular
- Identify current average days on market
- Share the dangers of using the price per square foot to figure home values
- Explain the concept of absorption rate and how it impacts the buying process
- Indicate current listing months of market inventory
- Share estimated potential out-of-pocket costs to complete the transaction
- Assist the buyer in analyzing the loan estimates
- Qualify the buyer for financial ability to purchase
- Help the buyer account for the complete costs of homeownership
- Prepare lender for listing agent calls
- Assist in comparing different financing options
- Help the buyer select for viewing only those homes that fit their needs
- Proceed in showing homes that fit the buyer’s must-haves
- Caution the buyer on posting information to social media
- Review the sample sales contract so the buyer is prepared when it comes time to make an offer
Showing Properties
- Schedule showings and provide access to all listed properties as soon as they become available in their local MLS broker marketplaces
- Educate the buyer on the immediacy of new listings appearing in their local MLS broker marketplaces and the lag time for them to appear on some websites
- Collaborate with the buyer on properties they may have learned about through their sphere contacts
- Research and assist on all unlisted properties the buyer wishes to see
- Preview properties prior to showing if needed
- Network with other agents to source properties not yet in their local MLS broker marketplaces
- Contact homeowners in focus areas to see if they are considering selling
- Set up an automated email alert system through their local MLS broker marketplaces that immediately notifies the buyer of properties that fit discussed requirements
- Arrange a tour of areas, schools, and key points of interest
- Provide resources containing neighborhood information on municipal services,schools, etc.
- Inform the buyer of negative aspects like nearby venues or operations that may result in issues that could impact value
- Collect and share any other vital information on available homes, remembering to follow all fair housing laws at all times
- Check applicable zoning and building restrictions
- Help the buyer decipher public property and tax information
- Collect and share pertinent data on values, taxes, utility costs, etc.
- Compare each property shown to the buyer’s wants and needs list and remind them of what they were looking for
- Help the buyer narrow the search until the buyer identifies top choices
Negotiating Offers
- Assist the buyer in getting the best property at the best price
- Suggest that the buyer learn more about the neighborhood prior to makingan offer
- Prepare a comparative market analysis (CMA) in advance of making an offer
- Prepare the buyer to have the most attractive offer in the current marketplace
- Explain common contract contingencies and include approved protective clauses in the purchase offer
- Ensure that the buyer receives and understands all state and federally-required disclosure forms
- Prioritize contract negotiation goals with the buyer
- Help create a negotiating strategy
- Use strategies such as an escalation clause to maintain a competitive offer
- Prepare the buyer for a multiple offer situation and develop negotiation strategies
- Write an offer that has a reasonable chance of being accepted
- Recommend optional contingencies and explain the pros and cons of using them
- Provide information on purchasing incentives that may be available
- Discuss financing alternatives
- Negotiate the buyer’s offers to arrive at the best price and terms
- Utilize hyperlocal expertise and strong communication skills to assist the buyer in being the successful offer

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