Contact Us: (386) 218-4951
Wellcovered Insurance
  • Home
  • Quotes
    • Quick Quote
    • Auto Quote
    • Commercial Auto Quote
    • Homeowner Quote
    • Homeowner Quote - Español
    • Flood Quote
    • Business Quote
    • Boatowner Quote
    • Umbrella Quote
    • Condo Quote
    • Renters Quote
    • Motorcycle Quote
  • Products
    • Auto Insurance >
      • Classic Car Insurance
      • RV Insurance
      • ATV Insurance
    • Business Insurance >
      • Business Owners Package (BOP) Insurance
    • Property Insurance >
      • Home Insurance
      • Condo Insurance
      • Renters Insurance
      • Flood Insurance
    • Motorcycle Insurance
    • Boat Insurance
    • Umbrella Insurance
    • Travel Insurance
  • Our Carriers
  • About
    • Agency Staff
    • Client Testimonials
    • Update Contact Info
    • Accessibility Statement
    • Refer a Friend
    • Reviews
    • Local Links
    • Blog
    • News
    • Videos
    • Careers
    • Privacy Policy
  • Contact
  • Home
  • Quotes
    • Quick Quote
    • Auto Quote
    • Commercial Auto Quote
    • Homeowner Quote
    • Homeowner Quote - Español
    • Flood Quote
    • Business Quote
    • Boatowner Quote
    • Umbrella Quote
    • Condo Quote
    • Renters Quote
    • Motorcycle Quote
  • Products
    • Auto Insurance >
      • Classic Car Insurance
      • RV Insurance
      • ATV Insurance
    • Business Insurance >
      • Business Owners Package (BOP) Insurance
    • Property Insurance >
      • Home Insurance
      • Condo Insurance
      • Renters Insurance
      • Flood Insurance
    • Motorcycle Insurance
    • Boat Insurance
    • Umbrella Insurance
    • Travel Insurance
  • Our Carriers
  • About
    • Agency Staff
    • Client Testimonials
    • Update Contact Info
    • Accessibility Statement
    • Refer a Friend
    • Reviews
    • Local Links
    • Blog
    • News
    • Videos
    • Careers
    • Privacy Policy
  • Contact

Is Buying A House Possible With A Single Income?

1/16/2018

0 Comments

 
Picture
There are different reasons as to why we would want to buy a house even if our income comes from a single source. It’s safe to say that it is every person’s dream to at least have a house on their own. Of course, there are a lot of things to consider before getting a house on your own. But rest assured that it’s been done by a lot of people before, so yes, it can be done. In this article, we give you 4 important points that may be able to help you get through the underwriting process.
Protect Your Income

If ever you are unable to work due to an illness or an accident, your income is protected if your employer offers disability insurance. Or if this is not the case, it is best to look for a coverage that will be able to help you pay your bills if such events happen.

Checking Your Credit

This is important as lenders will have to look at your credit since you’re applying for a mortgage on your own. Review your credit report beforehand and avoid making big credit card purchases before and after you apply for a home loan as this would make you look like a big risk even if you are not. It’s also best to make sure that there aren’t any mistakes in your credit report. As it’s important to have your credit presented in great shape.

Have a Co-Borrower in the Loan

A co-borrower might be able to help you clear your underwriting problems. This might be a good idea as the lender will also have to look at your co-borrower’s income, assets and credit history when assessing the application and not just yours. But your co-borrower must be aware that if you have trouble paying in the future, the bank might go after your co-borrower also. If you are worried, you can always wait until you are qualified for a loan by yourself.

Government Programs

An alternative to the conventional mortgage which would normally require a 20% down payment, is a government insured loan. Government-insured loans have smaller requirements. Such as the “Federal Housing Administration” (FHA). It only requires a 3.5% down payment. Be careful though, as paying 3.5% won’t give you much equity if something comes up in the stock market.

​Even if mortgages usually require a good credit report and income protection, there are a lot of low down payment programs nowadays that you don’t have to be wealthy to get a mortgage on your own. At Wellcovered Insurance Group, we work hard in making sure that our clients are well-protected with policies that they can afford. To learn more about how we can help you, please contact our agency at (386) 218-4951 or Click Here to request a free quote. 
0 Comments



Leave a Reply.

    Contact Us

    (386) 218-4951
    1810 S Volusia Ave Ste D
    Orange City, FL 32763

    Click Here to Email Us

    Archives

    June 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    April 2015

    Categories

    All
    Auto
    Auto Insurance
    Business
    Business Insurance
    Car
    Car Insurance
    Commercial Insurance
    Contractor Insurance
    FAQs
    Financial
    Home
    Home Insurance
    Insurance
    Life Insurance
    Local
    Safety

    RSS Feed

Navigation

Homepage
Insurance Quotes
Policy Service
Insurance Products
Contact Us
Privacy Policy
Agent Login

Social Media

Facebook
LinkedIn
​Instagram

Contact Us

Wellcovered Insurance
1810 S Volusia Ave Ste D
Orange City, FL 32763

(386) 218-4951
Click Here to Email Us
Get Driving Directions