Women buying Real Estate - We are Securing our Futures!
In honor of Beyonce’s historic Grammy wins and Women’s History month, I’ve got to ask the question…Who run the world? Girls!
Women, specifically single women, are buying homes and Brava Brokerage wants to take a moment to celebrate our fellow ladies during Women’s History Month.
According to the AJC (Atlanta Journal-Constitution), one in five home buyers are women.
This statistic allows for women to invest in their future through the investment of a home for themselves and their family (if applicable).
This is quite the accomplishment; women have historically earned less than their male counterparts. This wage gap has contributed to the amount of buying power women have had to purchase a home on their own.
Another promising statistic for us ladies is found in a report conducted by the National Association of Realtors. Their reporting shows that in every age group, single women are purchasing homes in larger numbers than single men.
Through savvy investing, smart money management, and keeping a watchful eye on credit use and consumption, homeownership is a possibility.
The three top tips to follow if homeownership is a goal of yours?
Credit utilization - be sure to use 30% or less of your available credit. For example, if you have a credit card with a $300 limit, do not charge more than $100 on your card. Keeping your credit limit under the 30% limit reflects positively on your credit score. When you exceed the 30% limit you may see your score decrease.
Save for a down payment - The loan with the most favorable down payment requirement is the FHA loan. It requires 3.5% of the sales price of the home. If the home you’re interested in buying is $200,000 the down payment required for the FHA loan is $7,000. You can pull down payment funds from your savings, your retirement accounts, or gifts from family and friends (be sure to have a gift letter from the person providing the gift).
Ensure your employment meets the 2-year mark. Lenders like to see that you have a 2-year employment history. Two years on the same job or in the same industry are preferred, but you want to be able to show that you have been working consistently for two years and have the stable income to pay your mortgage on time.
If you’d like to join these phenomenal women who are purchasing homes and realizing their dream of homeownership, buy your copy of the Home Buying Guide + Planner today.
When you buy your Guide, you’ll benefit by:
Knowing the credit scores required to purchase a home
Understanding how to build the team that will get you in your new home
The loan products that are available to you wand which one is best suited to your needs
Tips about how to keep your credit score in great shape
An insiders look at what loan officers will ask of you once you’re under contract
AND SO MUCH MORE!
Congratulation, ladies! We are buying homes and securing our futures. Cheers!