Helping Single Mom to Buy

Carol Bacon watches her son, Matthew, 4, outside the house she recently purchased in Southeast Washington. Here, she said, Matthew has more room to play and is closer to his school. (Kevin Clark -- The Washington Post)

She also had to learn how to budget her money differently, because her mortgage is more than $500 more than her rent. And she encountered unexpected expenses.

"When you're thinking of costs, you don't realize at first if your house has 20 windows, that means you have to put up 20 blinds or curtains," Thompson said.

Bacon agrees that there is a big difference between owning and renting. "Being a single mother, you already have to take care of your child, so when you put all the maintenance in the house on top of that, it can be hard. In an apartment, I didn't have to worry about yard work or if something went wrong with the heating or air conditioning."

Marcia Griffin, president of HomeFree-USA, said her organization has advised a number of single mothers on buying homes.

"Generally, they want to own a home, but they're just so overwhelmed by not only how to even start the home-buying process, but by the day-to-day issues of raising kids," she said. "But it's the smartest thing they could do for their kids."

A study sponsored by the District-based Homeownership Alliance last year backs up Griffin's assertion. It found that children of homeowners are likely to perform better on academic achievement tests and are more likely to finish high school. They also have fewer behavioral problems in school and are less likely to become pregnant as teenagers.

"With homeownership, you build wealth. You put a roof over your children's heads. It's a win-win all around," said WMIN's Jackson.

But single moms may need a little extra handholding to get to that point, Griffin said.

"You need to find people -- loan officers, Realtors -- who will take the time to explain things," she said. "A sense of care, if you will, is needed when dealing with single mothers."

Bacon said that despite the added headaches she is glad she made the transition to homeownership. She said she is especially happy not to have to hear the bass thumping on the stereo in the apartment above her or game shows on TV next door. Her advice?

"I think anything is attainable. You just have to focus on your goals, save money, budget your take-home pay," she said. "If you really, really want to buy a home, you can make it work."