Are Single Female Homebuyers on Your Radar? If Not, They Should Be.

While the housing market is no stranger to demographic shifts, a specific subsection of buyers has been on the rise for a while: single females.

Single women are a growing force in homeownership and have proved to be credit-worthy buyers with lower serious delinquency rates – the percentage of loans 90 days or more past due – in comparison to single men according to a 2016 research report by the Urban Institute: Women Are Better than Men at Paying Their Mortgages. While lower SDQ rates are a testament to the reliability of single female borrowers, studies have shown that income inequality may affect their ability to qualify for a mortgage and save for a down payment. Lenders and other mortgage professionals would be well-served to better understand the needs and perceptions of single female homebuyers as this segment continues to grow.

While Realtors ® would be wise to consider size, amenities and location that are more likely to be attractive to a female client, lenders should bear in mind how servicing these clients may differ from their traditional client base.

Lenders and other mortgage professionals can approach this growing segment of homebuyers with options that are better aligned with their respective financial situations, including:

• An online financial educational site with tools and information for prospective homebuyers.
• Low down payment options for qualified borrowers.
• Automated assessments for borrowers lacking a credit score.

As single women continue to ramp up homebuying, lender and mortgage professionals can help address potential barriers to homeownership with a range of solutions and options that fit their finances.

This Freddie Mac Single-Family All For Home^SM Insight is part of their approach to expand perceptions and opportunities within affordable housing.