Home Buying As A Single Female | Her Wallet

– I’m Lauren Bowling. I’m the blogger behind
FinancialBestLife.com, and author of “The Millennial Homeowner.” I bought my first home at
age 26 as a single female, and I am not alone. According to the National
Association of REALTORS®, Single women buy homes at
twice the rate of single men. I had just started my personal
finance blog at the time, and I was doing a lot of
reading of other blogs and hearing about what a great
financial investment it was to buy a home, and how bad it
was for your money to rent. So, that was sort of where the idea to become a homeowner came from was because I thought it would take
my money to the next level. I just used a very
strict budgeting method. It’s called the 50/30/20, where
50% goes to living expenses, 30% goes to debt and savings, and 20% goes to sort of
fund lifestyle choices. And so, I was saving 30% of my paycheck for that home down payment. Initially, I hadn’t planned on
using down payment assistance to get into my first home, but my mortgage broker
came to me and said, “Hey, you’re looking in an area that would qualify for
down payment assistance.” And so once I began researching, I found out that I qualified for $15,000 in down payment assistance, and so that was how I found out about the program and applied. I think it’s important to first
emphasize paying off debt, whether it’s credit
cards or student loans. Because then not only do you
have more money in your budget to go towards saving for a home, but then also your credit
score is gonna go up, and you’re gonna be able to qualify for a lower interest rate. And then I also recommend to single women to always ask questions. You want the people that
you’re working with to know that you are the type of
person who will ask questions. You can’t just say, “Oh,
okay, that sounds fine.” Because then people will
maybe not work as hard for you or research as hard for
you on your own behalf. Being a homeowner is the best thing ever. I think it’s one of the best things you can do for your finances. I think it’s one of the best things you can do for your life, because it’s probably the
first thing in your adult life that you own. This is yours. You can paint it. You can redo the back lawn. You can do whatever you want, and I think that sort of sense of freedom was when I first felt
like I was truly an adult, like my adult self.

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