Single and Ready to Buy: What You Need to Know About Solo Homeownership 

Homeownership is a significant milestone, and achieving it independently is both empowering and rewarding. The common narrative around homebuying often centers on couples settling down together, but that’s far from the whole picture.  

More single buyers are entering the housing market than ever before. According to the National Association of Realtors, single women accounted for 17% of home purchases, and single men made up 9% in recent years. Rising rent prices and the long-term benefits of home equity are driving this trend. For many, buying solo isn’t just possible—it’s financially strategic. Homeownership can help you build wealth over time, lock in housing costs, and take advantage of tax benefits, all without waiting for a partner or the “perfect” timing. 

This guide is designed to provide single homebuyers with insights and strategies for confidently navigating the homebuying process. 

Assess Your Financial Readiness 

Buying a home as the sole borrower means that you are relying only on your own income and financial resources. It’s crucial to evaluate your financial health before embarking on this journey. 

• Credit Score: Aim for a credit score of at least 620 to qualify for most mortgage programs. A higher score can help you secure better interest rates. 

• Debt-to-Income Ratio (DTI): Lenders typically prefer a DTI below 35%. Calculate your monthly debts against your gross income. 

• Savings: In addition to your down payment, ensure you have funds for closing costs and an emergency reserve for unexpected expenses. 

Explore Mortgage Options Tailored for Single Buyers 

There are many mortgage programs that cater to first-time and solo homebuyers, including: 

• FHA Loans: Government-insured loans with as little as 3.5% down and more lenient credit requirements. 

• Conventional Loans: Some allow down payments as low as 3% for qualified buyers. 

• VA Loans: These are available to veterans and active-duty service members, offering no down payment, competitive interest rates, and no mortgage insurance. 

• USDA Loans: Backed by the U.S. Department of Agriculture, these loans are available in certain rural areas. They offer no down payment and flexible credit score requirements. 

An expert loan officer can match you with state and local programs designed for first-time buyers, including forgivable down payment assistance grants. 

Define Your Homeownership Goals 

Clarifying your goals will help you make informed decisions: 

• Location: Consider proximity to work, social life, and amenities. 

• Property Type: Decide between condos, townhouses, or single-family homes based on maintenance and lifestyle.  

• Future Plans: Think long-term. Will your needs change in 5–10 years? Might you need room for a partner, pets, or a home office? 

Build a Supportive Team 

Just because you’re purchasing a home on your own doesn’t mean you have to navigate the process solo. Building the right team of experts around you can make your homebuying journey more confident, informed, and stress-free. Here are the key professionals who can help set you up for success: 

• Real Estate Agent: A knowledgeable agent with expertise in your local market is essential. They’ll help you find the right home, craft a winning offer, and negotiate on your behalf. Many agents also specialize in working with first-time or single buyers, so don’t hesitate to ask about their experience. 

• Mortgage Lender: Your lender plays a crucial role in helping you understand your buying power. Choose a professional who takes the time to understand your unique financial picture and can connect you with loan programs that fit your goals and lifestyle. 

• Home Inspector: An independent inspector helps you spot any red flags in a property before you sign on the dotted line. Their insight can help you avoid costly surprises and make a fully informed decision. 

Prepare for Homeownership Responsibilities 

Once you have the keys, your responsibilities continue. Make sure you’re prepared for: 

• Maintenance: Regular upkeep protects your investment and enhances value.  

• Budgeting: Account for property taxes, insurance, utilities, HOA fees, and repairs. 

• Emergency Fund: Keep a reserve to avoid financial stress when the unexpected happens. 

Leverage Technology for a Smooth Process 

As a single homebuyer, your time and energy are valuable, which is why using the right technology can make a big difference. From your first search to closing day, digital tools are making the homebuying process faster, simpler, and more transparent. Here’s how to make tech work for you:

• Mortgage Calculators: These handy tools can help you estimate your monthly payments, understand how different loan terms affect your budget, and get a clearer picture of what you can afford before you start shopping.
• Online Applications: Most lenders now offer secure, user-friendly platforms that let you apply for a mortgage, upload documents, and track your loan status—all from your phone or laptop. It’s efficient, private, and perfect for busy solo buyers.
• Virtual Home Tours: Narrow down your options without leaving home. Virtual tours and video walkthroughs help you get a feel for properties before committing to in-person visits, saving you time and helping you make smarter decisions.

With the right tech tools, you can stay in control, informed, and one step ahead on your journey to homeownership.

Purchasing a home as a single buyer is a commendable achievement that requires thoughtful planning. By evaluating your finances, understanding your mortgage options, and building a solid support network, you can confidently move toward homeownership. 

If you are ready to take the next step, get started with one of our expert loan officers today and begin your journey to homeownership.