This article, entitled "Housing Programs to Encourage Purchasing Your Own Home," comes from Single Mom Financial Help.
As a single mother, you probably have many things on your mind. After all, it is up to you to worry about a lot of the day to day things that keep a family going. Naturally, the roof over your head is likely to be one of those “things” that remains always on your mind, and whether it is finding a way to create a more reasonable monthly housing payment or upgrading to a place of your own, you will need to know about programs for mothers buying for the first time.
Consider that, as a single mother, you may not have a huge amount of money set aside for a down payment. You may have some credit issues or a low credit score. You may be able to manage a monthly mortgage, but cannot afford the closing costs needed to buy your home. Should you give up? No, there are some excellent options available.
Always keep in mind that you should not be afraid of pursuing your dream of home ownership. There is an old saying, “What’ the worse that could happen?” In this case, the worse that can happen is that a lender might say no…that’s it! You can then learn from the experience and keep trying. Lots of single mothers close on a first-time home each year, and you can become one too. Explore options like the Single Parents Network to learn how others overcame their hurtles in financing a home.
Programs for Moms Buying a Home
Now, you may think that a mortgage is just one type of loan, but there are many types of mortgages. Did you know that there are thirty and forty year loans?
Did you know there are home equity loans, fifty-year mortgages, balloon loans, and many other types of loans?
What this means is that you will want to sit down with a mortgage lending agent well before you begin a search for your home. If you already have found the home you want, you still have to sit down with a mortgage expert because they will be the only one to tell you if your financial situation (and any options for financial assistance) will get you the loan you require.
This tends to mean that you will need to make sure your credit is as strong as possible. Note, we didn’t say that you must have perfect or even good credit, but you do have to check up on the following:
Do note that if you have already had a mortgage and it went into foreclosure, few lenders will give you a loan on your own. If you have a co-signer with a clean credit history, they may consider this, but even then it is “iffy” at best. Lenders are very tight with credit in this current climate, so do be aware of that one specific glitch to getting a mortgage.
“Now, hold on,” you might be saying, “I went through a nasty divorce and that mortgage was part of it…does that mean I have to give up?”
Actually, it doesn’t. This is because there are still many options and programs for mothers buying for the first time.
Financial Assistance for Single Mother Buying Homes
Just consider the following resources:
Clearly, there are many programs for mothers buying for the first time. The key is to meet up with a mortgage expert to understand your particular situation. These people will often become a key resource when you seek a loan, but remember that you will want to take the time to get your credit report in order long before you make an application for that loan.
Don’t overlook the fact that many lending institutions understand that single mothers face special challenges. You can go online and learn about financial help for single parents, but don’t forget to talk with other mothers who have faced the same challenges. There are websites such as the Single Parents Network
that are meant to help single mothers find not only information, but friends and a support group that can help them find a home for their family no matter what challenges they face.
About.com. Financial Help for Single Parents. About.com. 2014 http://singleparents.about.com/od/financialhel1/
WAHM. An Introduction to Loans for Single Mothers. WAHM.com. 2014. http://www.wahm.com/articles/an-introduction-to-loans-for-single-mothers.html