Can a Single Mother Buy a House?

Buying a home as a single mother can feel like an uphill battle since managing bills and childcare costs often leaves little money left for a down payment. But becoming a homeowner is still possible, even on a single income.

With the right loan program and a plan, single moms can turn their goal of homeownership into reality. If you’re a single mother trying to buy a home, here’s how to find the right loan options and overcome common financial barriers.

Popular loan programs for single parents

Several loan programs make buying a home easier for single-income households. Each option has different credit, income, and property requirements, so it’s worth comparing several lenders to find the best fit:

FHA loans: The Federal Housing Administration backs FHA loans, and they can be a good choice for borrowers with less-than-ideal credit. You can buy a home with as little as 3.5% down if your credit score is 580 or higher. However, FHA loans do come with an upfront and annual mortgage insurance premium, which will add to your overall costs.

USDA loans: USDA loans are available to low- and moderate-income borrowers in eligible rural and suburban areas. These loans don’t require a down payment or private mortgage insurance (PMI), making them more affordable than most loans. However, you will have to meet the USDA’s income and location requirements to qualify.

Conventional loans: Some conventional programs, like Fannie Mae’s HomeReady or Home Possible by Freddie Mac, allow for down payments as low as 3%. These programs are geared toward first-time or low- to moderate-income buyers and may offer flexible underwriting for single parents.

VA loans: If you’re a veteran, active-duty service member, or surviving spouse, you may qualify for a VA loan. These loans don’t have any down payment or mortgage insurance requirements, but you will have to pay a one-time funding fee.

Financial help for single parents

If you’re struggling to save up for a down payment, then you’re not alone — many single moms face this same hurdle. Fortunately, there are programs available that aim to make homeownership more affordable.

For example, many state and local housing agencies offer down payment assistance in the form of grants or forgivable loans. These programs are typically available to first-time buyers or families that meet certain income limits, helping to cover both down payment and closing costs.

In addition, some nonprofits, housing authorities, and employers provide first-time homebuyer grants or matched savings programs that don’t have to be repaid. And depending on your career, you may also qualify for a job-specific housing program.

For instance, the Good Neighbor Next Door program is available for teachers, nurses, and first responders. This program offers up to 50% off select HUD homes in qualifying areas. Organizations like Habitat for Humanity and local community development groups also help families purchase affordable homes with manageable monthly payments.

If you’re widowed or your co-borrower has passed away, the next steps depend on your loan type and how the home was titled. In most cases, a surviving co-borrower remains responsible for the mortgage and can stay in the home. However, a non-borrowing surviving spouse may need to assume or refinance the loan to keep the property. Check your loan’s guidelines and consider speaking with a HUD-approved housing counselor to understand your options.

Advice for single parent homebuyers

1. Create a realistic budget

Start by reviewing your total monthly expenses, including childcare, transportation, and any outstanding debt. From there, you can use a mortgage calculator to see what kind of home fits comfortably within your budget. Most lenders prefer that your housing costs stay below 30% of your gross monthly income.

2. Build your credit

A strong credit score improves your chances of approval and helps you secure a better interest rate. If your credit score is lower than you’d like, you can improve it by paying your bills on time, reducing debt, and avoiding taking on any new credit in the meantime.

3. Tackle debt and increase savings

Reducing your debt-to-income (DTI) ratio makes it easier to qualify for a loan. Before applying for a mortgage, consider consolidating any high-interest debt to reduce your interest charges and make your monthly payments more manageable. You can also set up automatic savings transfers to build an emergency fund and down payment cushion.

4. Get preapproved

Getting preapproved will show you the type of home you can afford. Plus, a preapproval letter from a lender shows sellers that you’re a serious buyer and can strengthen your offer during negotiations.

The bottom line

Homeownership is becoming more accessible for single moms, thanks to flexible mortgages, down payment assistance programs, and access to affordable home loans for single moms.

Before you begin the process, review your budget, check your credit, and explore different forms of assistance available in your area. Try connecting with a local lender to help you get started.