What the lender actually measures
Debt-to-income ratio: your monthly debt payments (including the new mortgage) divided by your gross monthly income. Car payments and student loans count; groceries and utilities do not. One steady income with low debt often qualifies more comfortably than two incomes carrying a lot of payments.
Programs that fit one-income buyers
FHA allows 3.5% down with flexible credit and debt-to-income guidelines. USDA is $0 down in eligible smaller communities. Conventional 3%-down programs reward solid credit. And HOME+PLUS and Housing New Mexico assistance exist precisely for buyers who qualify on income but are short on savings.
Set the budget on the payment, not the pre-approval max
A pre-approval letter tells you the most a lender will lend. A comfortable budget is usually lower. Chad writes the letter to match your offer, not your maximum, and helps you pick a payment that leaves room for the rest of your life.
Build in a cushion
One income means one safety net. Leave reserves in the bank after closing, consider a slightly lower price point than the maximum, and know that a home warranty or an emergency fund is part of the plan — not an afterthought.
Gift funds and co-signers
Family can gift your down payment on every major program. A co-signer (non-occupant co-borrower) is possible on some programs if income is the only thing holding the file back — Chad can tell you whether it helps or just complicates things.
Chad · Loan Officer