The majority of my clients right now are women...single women, and single moms who are ready and able to own their own homes. They are working women who aren't millionaires but have stable jobs and have managed to save up some money for a down payment and can take advantage of this real estate market.
FHA loans are what's really making this possible for them. FHA loans aren't FICO score driven so there's no need to worry about having "good" credit. 3.5% of the purchase price is required for your down payment however a portion or the entire 3.5%can be gifted from someone else. What this means in real numbers is that you would need a down payment of $7000 on a $200,000 residence (yes, there are single family homes and condo's in this price range in L.A.!). There are closing costs when you buy a home, but sellers are willing to pay a big portion of or all of the closing costs for you.
In light of what seems to be an emerging group of homeowners, I'm putting together a one hour session just for women. It will be packed with information on what women need and can do to capitalize on the current market conditions and become homeowners. Details and date to follow in an upcoming blog.
Congratulations to all you women who are making it happen!
