Providing for a child’s basic needs requires a good amount of money, and this includes the cost on the important needs of housing.
Having your own house means providing stability and a better living environment to your kids, but home loans for single mothers are sometimes hard to find.
Home loan posibilities for single mothers
Being a single mom is not easy, but there are home loans that allow single parents to own a house. There’s always financial assistance available to help out during tough times. And with having your own house, you don’t have to pay for monthly rents that would never be yours in the end.
Years back, home loans were easy loans to apply for, even as a single mother. However, when recession came in, lending agencies became more strict in their application process and payments terms. Moreover, a good credit rating and stable employment is required nowadays. It just gets harder to get a good loan for single mothers
Although this type of loan is quite hard to avail, it’s never impossible if you’re really determined for home ownership. So don’t lose hope, there are home loans that are affordable and suitable for single mothers.
Affordable home loans for single mothers
Working alone to provide for their children’s need, most single moms find it hard to save money to own a property. Good thing, there are certain home loan programs for single mothers that don’t need an initial down payments as required by many agencies.
FHA Loan Program – this program is a good choice not only for single moms but for other first-time homeowners and property holders as well. This home program offers 0- 3% down payment which is ideal for single mothers who don’t have the financial resources to avail of private home programs.
With FHA Loan Program, no credit score is required, so if your credit rating is not that good, you still have that chance to own a house. Moreover, this home loan program offers lower monthly mortgage insurance and a 1% origination fee (maximum).
- USDA home loans – this type of home loan does not require any down payment at all. It also has no upfront fee, easy approval and lower interest rates. However, do note that this type of loan offers properties in the rural area because this program promotes rural development. So if living in the rural poses no problem for you, then this program is worth considering.
If you think that having a bad credit score and low income could get in the way of owning a house, well, not anymore! These home loans for single mothers offer an affordable and easy way to get that dream house you wanted. Weigh in the pros and cons of the program and decide on which best suits your capacity.