For years, the American dream of homeownership was elusive for many women. Legal and social barriers prevented them from owning property, making financial decisions, and building wealth without a male co-signer. Legally, banks could refuse mortgage loans to unmarried women until 1974!
Today, women are not only homeowners but also driving forces in the housing market. According to the National Association of Realtors, single women accounted for the second-largest group of homebuyers in 2019, surpassing married couples. This rise in women’s homeownership is exciting, but for many women, the dream can still feel out of reach.
Women Are Facing The Challenges of the Homebuying Process
Navigating the complex process of buying a home can be daunting no matter who you are. But for women, who for the last twenty years have statistically earned around eighty cents to every dollar earned by their male counterparts (Pew Research), it can be even more difficult to prepare for homeownership. This is where we step in, providing Homebuyer coaching, lending services, a real estate brokerage, and home rehab coaching—a comprehensive approach to helping women find empowerment through homeownership.
Acts Housing is proud to have supported over 800 women-led households (60% of the total deals closed by Acts alumni) to achieve homeownership in the past six years. This progress happens when women lead the charge in homeownership. Acts is committed to building a future where every woman can experience the stability and security of owning a home.
Bridging the gap: Women Are Rehabbing Distressed Properties
Imagine this: you’re a single mom, juggling work, home, and childcare, yet determined to build a secure future for your family. You purchase a distressed home, and after spending countless hours rehabbing it, you transform your home into a safe and stable home for you and your children. Many women homeowners have followed this same path with Acts Lending.
Acts Lending can sometimes be the only financing option for families who do not qualify for conventional mortgages. We ensure equal access to mortgage capital for women who do not qualify for traditional loans due to a lack of credit or poor credit, inadequate savings for down payment or closing costs, a debt-to-income ratio that is too high, or language barriers. Acts Lending offers a fixed-rate mortgage to purchase and rehab a distressed property, which is a lot of work, but also builds equity quickly for the family.
Acts Lending’s Impact on Women’s Homeownership
Women are by far the majority of Acts borrowers. Over the last five years:
- Of 92 new loan originations, 70% were women.
- Of the 64 female borrowers, 77% are earning less than 80% of the area median income – for a family of three, that’s between $25k and $68k annually.
- 83% of the women who reclaimed a distressed property were single, divorced, or widowed.
- 78% of female borrowers have kids—over 100 kids are now in stable homes because Mom or Grandma had the courage to become homeowners.
Acts Housing celebrates the incredible strides women have made in achieving homeownership. This progress is a testament to the strength and determination of women. Acts remains committed to building a brighter future where every woman has the opportunity to experience the stability and security of owning a home. Let’s keep breaking barriers together!
