The National Association of Realtors has recently observed a growing trend of single women purchasing homes. This group includes young professionals, single mothers, and women who are single again due to divorce or the loss of a spouse. Their financial savvy sets these women apart; they often have investments and are focused on building a stable foundation for themselves and their families.
Although Sherman has not yet seen a significant influx of single women moving north from Dallas and Collin County, Tonya Hudgins noted that the decision by Texas Instruments and GlobalWafers to establish their semiconductor silicon wafer facilities in Sherman will strengthen the community and its surrounding area as a hub for high-tech manufacturing. These companies are well known for offering competitive salaries, and many employees praise their culture, benefits, and opportunities for growth. The expansion of these companies, along with others like them, certainly lays the groundwork for an increase in both families and young single professionals moving to the area.
Tonya Hudgins and her team at First United Mortgage Group in Sherman, including Michal Overturf and Haley Halcomb, bring their clients a combined 45 years of mortgage experience. Over the years, they have observed significant social and economic shifts among the clients they serve. More women are waiting longer to marry and start families, which allows them to establish their careers and become more financially stable. Additionally, they have noticed an increasing number of women stepping into the role of primary wage earners for their families.
The increase in educational and workforce opportunities for women is a significant factor contributing to the rise in single-female homeownership. Today, more women than men hold college degrees, often leading to higher-paying jobs and greater earning potential for purchasing homes. Studies indicate that, on average, women prioritize buying homes and tend to cut back on nonessential goods and services more than men to afford these purchases.
Saving for a down payment has traditionally been the biggest hurdle to homeownership. Tonya explained that working with a professional team like hers at First United Bank can help you explore various options. There are opportunities to buy a home with as little as a 3% down payment on a conventional loan or 3.5% down for an FHA loan. Additionally, eligible veterans and active-duty service members may qualify for a VA loan, which does not require a down payment. Fannie Mae also offers programs such as HomeReady, designed to assist first-time homebuyers with down payment and closing cost assistance.
Getting prequalified with Tonya and her team enables them to create the best package for your unique situation. Additionally, First United Bank offers a Community Hero program, which provides a $500 discount on closing costs for first responders, teachers, and medical professionals.
When searching for a home as a single woman, safety is the top priority. Many women are opting to buy new construction homes in planned communities that offer amenities such as golf courses, pools, walking trails, and even popular pickleball courts. They are less likely to want to purchase an older home or a home requiring significant updates. Additionally, neighborhoods with homeowners' associations (HOAs) that maintain landscaping and feature smaller lots requiring less upkeep can particularly appeal to these women.
The all-female team at First United Mortgage Group specializes in writing mortgages through government programs for first-time buyers, veterans, and rural residents. With interest rates expected to remain stable, the upcoming summer is set to be a busy real estate season, especially since rates are lower compared to a year ago. Tonya and her team are prepared to help women achieve homeownership.
The Hudgins Team
903-813-5711 | TonyaHudgins.com