How to buy a house by yourself: it can feel overwhelming and intimidating.
It’s a huge trend right now that single ladies are buying houses in New Orleans. In 2019, 35% of our (the Be New Orleans team) sales were single ladies. Compared to only 8% that were single men.
Here at Be New Orleans, we encourage ALL of the single people to start looking at their futures and investing in real estate. Even if you only buy a New Orleans house so you can paint it the way you want and collect a million rescue dogs – it tends to be a good investment.
A question we get a lot is – how do people buy a house without a partner?
There are a lot of answers to this question. Let’s take a look at all the possibilities:
You saved up money.
There are loan options that you only need 3 to 3.5% of the purchase price to put down. You can always put down more, but these are the easiest options for most people. 20% down is not the only way to buy a house, despite what many people think!
Your parents helped.
No shame in that game! Lots of parents help their adult kids get into their first house. Even if it’s just paying for inspections, any financial assistance can help!
You sold stocks.
We’ve had a few of our solo buyers sell stocks they’ve owned since they were born to help make home buying a reality. Let’s chat with a lender to make sure that’s the right plan for you.
You got 100% financing.
There are even loan options that we can get you 100% financing or down payment assistance. This way you don’t have to come out of pocket for your down payment. You still need closing costs and money for inspections. But, we can always ask the seller to help with closing costs!
You borrowed against your 401k.
It happens. While this may not be the best idea for everyone, but it’s perfect for others. Again, let’s talk to a local lender and see your options!
You got bond or downpayment assistance.
There are programs available in Louisiana, and parish specific, bond programs to help with your down payment or closing costs. Many of these have stipulations on income or they may increase your interest rate. But, it may just be the best option for you!
There are lots of different ways we can handle your financing and your situation. Talk openly with us and your lender so we can work everything to your advantage.
Bonus info!
There is a really cool app called Qapital. You can set it up to move money from your bank account for a variety of reasons. Maybe you have a guilty pleasure of going to your local pub. You can set up a rule that every time you use your card there, it will take X amount of dollars from your account and save it for you. You can also set it up to just take a certain amount daily, or sync with your FitBit to meet fitness goals and save. The app has helped one of our clients save $10k and home buying became a reality for him!
If you’re wondering how he gets the money back into his account without raising red flags – we were too. Turns out, it’s like a real savings account and insured by the FDIC. Transferring back to your bank won’t raise any flags because we can see where the money came from.
Are you ready to buy a home? Message us now or text us!