A significant percentage of our divorce clients had purchased their first home when they married. As part of the dissolution, that first home was sold, or the client took a buyout from their former spouse. Fast forward a few years and the client has re-built their financial foundation and wants to move from renting (or living with parents) to owning a home again.
Buying a home on one income is difficult, but there are options. Many first-time home buyer programs are available to those who have previously owned homes. Basically, if you have not owned a home in the previous three years leading up to your purchase, you may qualify.
Mortgage rates are at historic lows. Many states and communities have a variety of programs and assistance for first-time home buyers. These programs include low (LOW) down payment requirements and down payment assistance. The best part of these programs is that they can be used to purchase multi-family homes, in addition to single family homes and condos.
The best place to start is to talk to a mortgage expert and a realtor. Give us a call, we can connect you with a trusted mortgage consultant or real estate agent.