There are a myriad of reasons you may be buying a home with a single income. Maybe you are single and looking to make a move from apartment living to home ownership. Or, you may be a family with young children, one parent staying at home while the other parent is the sole breadwinner. Whatever the reason, just because you are a single income household doesn't mean that homeownership is out of reach for you.
Although having sufficient income is an important aspect of buying a home, there are additional things to consider aside from just making "enough money" when buying a home—single income household or not. The encouraging news is there are many homeowners out there that are single income individuals or families, and you could be one of them.
The first thing to consider when it comes to buying a new home are the four C's of lending. These apply to all of us, no matter what kind of buyer we are.