Today's America has a wider percentage of families being raised by single parents, more than before. In the current statistics, about 35% of homes in the United States are led by single parents, and around 40% of these homes are maintained financially by single moms, some of which are living below poverty levels.
Some banks may think that single mothers are high-risk borrowers, so single moms applying for a bank home loan may end up not getting approved. If you are a single mom dreaming of owning your own home where you can safely raise your children, do not give up that hope yet. There are other sources of home loans for single mothers, as well as government programs that can help you realize your dream of buying your own home.
Here are just a few of the government programs that single moms who want to purchase a home for their families could avail of:
1. The Housing and Urban Development does not really provide home loans for single mothers, but they provide loan guarantees for borrowers who may not otherwise qualify for a bank home loan.
If you are a single mom, you can avail of the FHA assistance that the Housing and Urban Development provide, and once you get approved, you are more likely to be able to apply for a bank home mortgage loan.
2. The Housing Choice Vouchers Program is another HUD assistance program for single moms wanting to buy a home for her family. You have to check with your state, because every state has its own policies in giving out housing choice vouchers. Although this program is not really home loans for single mothers, it helps them and other minorities purchase a home using these financial assistance vouchers.
3. The Home Investment Partnership is also another program of the HUD which provides assistance to families with low income to come up with down payments that they need to purchase a home. You need to prove financial need to qualify for these program, as it is more geared towards small income families, not just for single moms.
Home loans for single mothers is not really impossible. You just need to do a lot of research to find out the sources for these home loans, and work with a reasonable mortgage lender who can customize a package that you can easily afford.
A single mother wanting the best for her family should never give up her dream of having her own home, where she can raise her children properly and safely. She should find resources on how she can avail of home loans for single mothers, and keep pushing to make her dream a reality.
Some banks may think that single mothers are high-risk borrowers, so single moms applying for a bank home loan may end up not getting approved. If you are a single mom dreaming of owning your own home where you can safely raise your children, do not give up that hope yet. There are other sources of home loans for single mothers, as well as government programs that can help you realize your dream of buying your own home.
Here are just a few of the government programs that single moms who want to purchase a home for their families could avail of:
1. The Housing and Urban Development does not really provide home loans for single mothers, but they provide loan guarantees for borrowers who may not otherwise qualify for a bank home loan.
If you are a single mom, you can avail of the FHA assistance that the Housing and Urban Development provide, and once you get approved, you are more likely to be able to apply for a bank home mortgage loan.
2. The Housing Choice Vouchers Program is another HUD assistance program for single moms wanting to buy a home for her family. You have to check with your state, because every state has its own policies in giving out housing choice vouchers. Although this program is not really home loans for single mothers, it helps them and other minorities purchase a home using these financial assistance vouchers.
3. The Home Investment Partnership is also another program of the HUD which provides assistance to families with low income to come up with down payments that they need to purchase a home. You need to prove financial need to qualify for these program, as it is more geared towards small income families, not just for single moms.
Home loans for single mothers is not really impossible. You just need to do a lot of research to find out the sources for these home loans, and work with a reasonable mortgage lender who can customize a package that you can easily afford.
A single mother wanting the best for her family should never give up her dream of having her own home, where she can raise her children properly and safely. She should find resources on how she can avail of home loans for single mothers, and keep pushing to make her dream a reality.
SHARE
