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Buying a house as a single, low-income mother – is it possible?

Having a day job is tiring enough without adding any responsibilities to it. As a single mother, you have to work a 9-to-5 job while also taking care of the needs of your child. This means that starting a business becomes physically impossible. Side hustles are the better idea for single moms that also need some time to breathe. Finding some side hustle ideas and choosing the one that complies with your passion and available resources should do the job. People can win up to $1,000 each month by starting a simple side hustle. A few suitable ideas would be:

  • Dropshipping – This is probably the most popular side hustle of the moment. You can sell products of your choice directly to customers without having to build your own stock. The producer delivers the products directly to the customer and you get to keep a part of the money.
  • Freelance writing – If you have what it takes to write good pieces, you can make lots of money out of it. Freelance writing is a profitable side hustle at the moment and it can get you thousands of dollars each month. You can decide how much effort or time you want to put into it, based on your needs.
  • Blogging – On the same note, you can start a blog and monetize it. Single moms always look for advice from other single moms, so it should get popular in no time if you post resourceful content.

By saving side hustle money, you can buy a house quite rapidly, depending on how much you earn. Having a generous amount of money in your account will help you to obtain a loan faster, without having to wait for too long.

Consider loans

Applying for and obtaining a loan is an intricate process that may be difficult even in regular situations. Being a single mother that has one income makes it even more complicated. The problem gets worse if you have bad credit. There are so many factors that affect this process that it would take days to explain them all. One this is for sure - financial literacy will help you handle loans professionally and without trouble. Solo moms can definitely obtain convenient loans if they know where to look and what to apply for.

If borrowing money is your only chance to buy a house of your own, you need to get informed about all the home loans possibilities and housing programs for single moms in your country. The conditions for such programs differ from one country to another, so it’s best to do you research and see what criteria you have to meet. In order to buy a house, you should meet the minimum credit score requirement, have a good DTI ratio and have a down payment prepared to avoid mortgage insurance. Even though it sounds complicated at first, you will manage to get things right long-term. Single parents should know there way around finances, regardless of how difficult it is to put every piece together.  

First-time homebuyers have benefits

Some countries offer convenient government schemes for people who are buying a house for the first time. Instead of applying for a regular loan, you can check whether your state offers first-time home buyer loans. Because mortgages involve daunting processes that can end up being exhausting, applying for a first-time home buyer loan instead is the better choice. Don’t worry if you used to own a house a while ago. The people who qualify as first-time home buyers have to meet one criterion only – they haven’t had any home ownership in the past three years. Of course, this criterion may differ from one country to another, but it is surely similar. Some programs may require a down payment, while others won’t. Either way, make sure to set up an emergency fund to have the money ready in case they do.

Be patient

Unless you need to find a house right away and you have no other option than applying for a loan, you should be patient. As a single mother, it will take more time to get yourself on your feet financially. This is not an issue at all, as it gives you plenty of time to decide whether an idea is good or bad. For instance, if you decided what type of house you want, you can take your time and analyze all the options available on the real estate market.

In fact, tracking the price of a building can result in amazing offers. You can even get a good deal on luxurious houses if you know when to buy. Getting tricked by the initial offers that real estate agents try to convince you with can be a decision that you’ll regret quite sometime in the coming years. By being patient, you might stumble upon an offer that can change everything. You can purchase beautiful houses at half the price at certain times of the year. Take your time to inform yourself about real estate markets and how they work. It will be worth it in the long run.

Keep your confidence intact

Many mothers struggle with keeping their confidence on the right track. Because of the responsibilities they have to handle, regardless of their own feelings, levels of energy and other resources, single moms often reach rock bottom, both mentally and financially speaking. Facing such situations is definitely not easy, but there’s no room for giving up.

There are a lot of single mothers who also handle businesses out there, so try not to get discouraged immediately after you encounter an obstacle in your path. It will be difficult and you are going to stumble upon all sorts of situations, but you need to keep going. As a single mother, you don’t get breaks whenever you require them.

 

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