If you’re a single mother, it’s very possible for you to own a home. I’m quite aware that most single parents are low income earners and find it difficult to feed talk less of owning a home, but it’s still possible for single mothers to own a home. They can fulfill that dream of being a homeowner that seems out of reach all along with the help of many programs. You do not necessarily need to earn a lot as a single mother to be a homeowner as some of these programs makes it easier for you to apply with your current level of income.
When you eventually meet the eligibility requirements and qualify for a home loan, you must ensure to choose an affordable home to ultimately guarantee your approval. The housing aid is designed in such a manner as to enable you to pay the mortgage in a timely fashion. Apart from federal programs such as The U.S Department of Agriculture (USDA), Department of Housing and Urban Development (HUD) and The Federal Housing Administration (FHA), there are also housing assistance available through several religious service agencies. In addition, there are numerous local and state agencies that provide loans with down payment assistance and reduced interest rate.
Most of the eligibility criteria for home loans for single mothers often require that you must have a good credit history but some single mothers usually encounter credit issues. In this case, I’ll advise single mothers to focus their quest for owning a home on government-backed loan programs in order to get exemption associated with bankruptcy or foreclosure. These government programs give you the opportunity to create a good credit history which you initially lack. But if the case is order wise, do not limit yourself to only government programs.
It’s noteworthy that most programs available for single mothers are not outright grants but are instead special loans or subsidies with low interest rate as well as special criteria. Example of such is the USDA program that I mentioned above. They provide direct loans for low income households in rural areas and the interest rate is based on the borrower’s income. The program does not only provide home loans for single mothers but also provide funds for financing of vital improvements of the entire house.
So, next time if someone asks you whether a single mother with low income can own a home, your answer should be an affirmative yes! They can buy their own home with the help of many programs. And, if you’re a single mother who has dreams to own a house of your own, I’m sure that you can already see that your dreams can come to actualization if you take the right steps of comparing the available options and choosing the program that is suitable for you. You should not also limit yourself to a specific program as there is even additional assistance for single mothers. Go out there, make the right contacts and gather as much information as possible for home loans for single mothers as possible.