Single Parent Home Loans Make Home Ownership Possible
If you are a divorced or widowed parent or if you are a single individual raising a family, finding affordable housing in today's market can be very difficult. Since the housing market took its fall several years ago, demands on the part of mortgage companies has become decidedly more stringent, making it difficult to get a loan if your credit is less than perfect, if your income does not reach specific parameters, and/or if you do not have enough money to cover closing costs and a substantial down payment. However, there are programs available for single moms and dads that can help them acquire a new home even if they do not meet these requirements.
A great resource for single parent home loans is the FHA, or the Federal Housing Association. This is a program set up for specifically for the first time buyer. This is a service that helps families secure a mortgage for a new home, with financial help paying closing costs and the down payment. To learn more, you can visit fha.gov. Here you can find additional information about how the program works and how to apply.
Some for profit real estate agencies offer services designed to help single parents who may have recently experienced a divorce or a spousal death. For example, Lifestyle Mortgage offers special assistance in securing an FHA loan, making the entire process easy and streamlining everything from beginning to end. You take your first steps in applying for a loan at lifestyle-mortgage.com.
Low income single parents can often find loans through the HOME program, available through the federal government Department of Housing and Urban Development. The program is not strictly for single mothers and fathers but can offer these families help in securing a home loan they can afford; in addition, the program will also pay closing costs and even a down payment for qualifying families. With assistance from the HOME program, you can even potentially purchase a home if you are unemployed. Additional information is available at hud.gov.
In an effort to prevent low income families from becoming homeless, each state manages its own home loan program for single and otherwise struggling families. For example, the ARRA Homelessness Prevention And Rehousing Program in New Mexico offers emergency funds to families who are seeking shelter. Instead of simply funding a temporary place to stay for single parent households, this program gives these families an opportunity to apply for and get the home loan they need to start again. You can learn more at nmmfa.org.
Sometimes lone parents are single due to issues with domestic violence. In cases like this, the parent may have never had the opportunity to save any money, and may even carry quite a bit of debt. In cases like these, perhaps a household outside of the urban and suburban areas. The Rural Development Program, found at usda.gov, is dedicated to developing rural regions; while helping single parents of young and teenage children to acquire new homes, they are at the same time contributing the rural land development.
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