Single Parent Home Buying In Nassau And Suffolk County

Here's a tip for single parents who want to buy a home in Nassau or Suffolk County

. While this information can apply to homes in other areas, the cost of housing in Nassau and Suffolk means that there will probably be a challenge in securing a mortgage loan.

Although a single mom or single parent won't have the benefit of two incomes on which to qualify for a loan, there's no reason that single mom's can't become homeowners. To begin with, become familiar with the process, pick a good real estate broker, and think about getting pre-qualified for a loan.

Nassau and Suffolk County home buyers can get pre-qualified for a mortgage. This is a good place to start. One bank that will pre-qualify home buyers is Wells Fargo. Single moms can discuss their plans for buying a home in Nassau or Suffolk County with a mortgage banker in any of the bank branch offices.

Another idea for single parents who are looking to buy a home in Nassau or Suffolk County is to contact one of the HUD-funded housing counseling agencies in the area to talk through the options that HUD offers to home buyers in Nassau and Suffolk County.

Single parents may also want to think about buying a HUD home because they can be very good deals. Also, contact local government offices to see if there are any local home buying programs that could help single parents buy a home in Nassau or Suffolk Counties. Look in the blue pages of the phone directory for the local office of housing and community development or contact the mayor's office in the town in Nassau or Suffolk where the purchase is contemplated. Another resource is to contact the Nassau or Suffolk County executive's office.

National statistics regarding households led by single parents estimate that just under 35% of homes in the United States have only one parent present. Besides single parents in Nassau or Suffolk County homes, 40% of households that are led by single moms fall within the poverty zone. With the expenses associated with raising a family, even single mothers with incomes that do not fall within the poverty zone may still have financial difficulties.

The fact that single moms may have difficulties making ends meet does not mean that these women won't someday want the security and sense of accomplishment that comes with owning a home where they can raise their children. Luckily, there are various programs in Nassau or Suffolk County for buying a home that exist for the purpose of helping single moms realize the dream of home ownership.

Not every single mom falls into the category of low income, and sometimes the help needed is more educational than financial. You may have the income and credit scores to easily qualify for a mortgage loan, but if you have no idea how to go about it then it can be a challenging task.

Most lenders in Nassau or Suffolk County provide relatively unbiased mortgage advise to home buyers, although the less scrupulous the lender the more likely the information you receive will not be to your benefit. Check the websites of well-known mortgage lenders to see what types of mortgage and home ownership education they offer. Many times you can find great information that will make the process of applying for a loan much easier. Some local colleges and community centers offer workshops on how to purchase a home, and single moms who are currently active duty military can receive valuable assistance from their Family Support Center financial advisors.

Single parents may also want to consider contracting the services of a buyer's agent, because these professionals can truly assist you through the entire process. It is always easier to enter into something as challenging as purchasing a home when you have a knowledgeable person on your side. So, there are many resources available to single moms who want to buy a home in Nassau or Suffolk County.

by: LI Realtor

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