Single Mom Home Loans

It’s not easy being a single mother. If you fit into this category, then you’ve likely faced your share of challenges already. It’s possible you’ve lived with your children in an apartment, but you now need more room or simply want to become a homeowner. Don’t believe the myth that it is impossible for a single parent to buy a home. Although there are no specific single mom home loans, there are a variety of programs that may allow a single mother on a limited income to buy a home. The first step is evaluating your finances and your credit rating.

To do this, take a look at your work history. It bodes well if you’ve been at the same job or career for a number of years. This shows lenders that you have stable income. Make a list of all your creditors and what you owe, and compare these numbers with your income. Think about how much rent you are paying now, to get an idea of how much of a house payment you can afford. If you are paying $700 a month in rent and are barely scraping by, there’s no way you could afford a $900 per month mortgage. It is important to establish what your means are and live within them.

In some cases, single moms may be able to obtain assistance from various charities to help with expenses like down payments and closing costs. Another good idea is to look at the FHA program. This program is perfect for first time homebuyers and meets the needs of single parents. An FHA loan has less stringent qualification requirements, fixed rates that are comparatively low and more. It is designed to help those with low income buy a home. This program is not just for single parents, but for everyone. It usually does fit the needs of single moms who want to buy a home, however.

Any mortgage lender or broker can talk to you more about your options when it comes to becoming a homeowner. They can answer any questions you may have about single mom home loans and help you find the perfect solution for you and your children. To find a lender or broker in your area, check your local Yellow Pages or even look online. You will find no shortage of mortgage loan providers who are ready to help you achieve your goals. When you call around to various lenders you can get an idea of the kind of service you’ll receive which is important.