Buying a House as a Single Person | GoMortgage

Buying a house can be one of the biggest projects you undertake. And if you’re doing it solo, it can feel even more daunting. But here’s the truth: owning a home isn’t just for couples or families. 

With the right planning, buying a house as a single person is entirely possible—and it might be one of the most empowering choices you’ll ever make.In this guide, we’ll walk you through the pros and cons, tips for budgeting on a single income, and the best loan options for first-time solo buyers.

What are the pros and cons of buying a house solo?

Even if you’re not currently partnered or planning to marry soon, homeownership can still be a smart financial move. But like any major commitment, it has its benefits and trade-offs.

Pros of buying a home on your own:

• More decision-making freedom: No need to compromise on location, layout, or upgrades—you’re in full control.
• Simpler logistics: Fewer belongings, fewer opinions, and no co-ownership disputes to resolve later.
• Equity and investment: If your home increases in value, that equity is yours alone to grow.

Cons to consider:

• Single income qualification: You’ll qualify for a mortgage based on your income alone, which could affect your borrowing limit.
• All financial responsibility is yours: Mortgage payments, maintenance, taxes—it’s all on you. That can feel risky if your financial situation changes.
• Commitment: Homeownership reduces flexibility to move quickly. Selling a home from afar isn’t easy if life takes you elsewhere.

But here’s the good news—smart planning can offset these challenges. Let’s dive into how to prepare.

How do you start the homebuying process on one income?

Build and monitor your credit

Your credit profile plays a major role in whether you’re approved—and the interest rate you’re offered. Start by:

• Checking all three credit reports for errors
• Paying all bills on time
• Keeping credit utilization under 30%
• Avoiding new loans or large purchases before applying

See how getting preapproved can tell you where you stand before you start. 

Save for your down payment

You don’t need 20% down. In fact, many loan programs allow down payments as low as 3% or even 0%. Consider:

• FHA loans: Just 3.5% down
• VA loans: $0 down (for eligible veterans and service members)
• USDA loans: $0 down in eligible rural areas

Want help navigating your options? Start here to connect with a mortgage advisor.

Understand your budget

Look beyond your preapproval limit—focus on what you can comfortably afford. Consider:

• Mortgage principal and interest
• Property taxes and insurance
• Home maintenance and repairs

Make a list of your must-haves and nice-to-haves before you begin your search. Sticking to your budget helps ensure long-term stability.

Get preapproved before shopping

Preapproval shows sellers you’re serious—and gives you a clear picture of your buying power. It’s more comprehensive than prequalification and can give you a competitive edge in today’s market.

We make preapprovals quick and easy. See how it works.

What tips can help you qualify for more on a single income?

Keep your debt-to-income (DTI) ratio low

Lenders use DTI to evaluate whether you can afford the monthly mortgage. Ideally, your DTI should be 43% or lower—but exceptions may apply based on the loan program and your credit profile.

Calculate your DTI like this:

Total monthly debt payments ÷ gross monthly income = DTI %

This includes:

• Credit card minimums
• Car or student loans
• Your expected mortgage payment

It does not include phone bills, utilities, or groceries.

Consider a multifamily property

Buying a duplex, triplex, or fourplex might sound overwhelming, but it can actually help you qualify for more. Lenders may count expected rental income toward your qualifying income, which could boost your loan amount.

Plus, living in one unit and renting out the others is a great way to offset your mortgage.

Buy below your approval limit

Your lender gives you a maximum—you decide how much to spend. Buying below your cap allows you to build savings, invest, or cover surprise expenses more easily.

Look for affordability triggers like:

• Older homes with good bones
• Neighborhoods outside the city center
• Smaller footprints or fixer-uppers

Are there programs to help single buyers?

Absolutely. Many federal, state, and local programs are designed to help first-time or solo homebuyers get into a house with less cash upfront.

Look into:

• Down payment assistance grants (non-repayable in some cases)
• Temporary buydown options (such as a 2-1 buydown to reduce your rate for the first two years)
• Adjustable-rate mortgages (ARMs) (which start with lower rates and can work well for shorter stays)

Not sure which path is best for you? Our experienced team is ready to walk you through the pros and cons. Get personalized help now.

How can you protect your home as a solo buyer?

Owning a home on your own is a big deal. Protect your investment with these smart steps:

Consider a prenup if you plan to marry later

If you’ve built significant home equity before marriage, a prenup can clarify how that asset will be treated. Speak with an attorney about whether it makes sense for your situation.

Don’t add someone to your deed without a plan

Co-ownership gives someone legal rights to the property. Before letting a partner or roommate move in, set up a rental agreement or cost-sharing contract.

Shop for home insurance

Home insurance protects your biggest asset. Compare policies, ask about bundling discounts, and consider installing security systems for additional savings.

You’re not alone—GO Mortgage is here to help

Buying a house as a single person takes focus, strategy, and confidence—but you’ve got this. And you’ve got us.

At GO Mortgage, we help first-time buyers, solo buyers, and everyone in between get the home they want with the support they need.

Check your options today or explore our other home buying resources to keep learning.