Home Loans for Single Mothers
Home loans for single mothers are as hard to come by as Mr. Right. A girl can do everything she can and still end up with nothing. In these trying times, when houses are being foreclosed, people are struggling just to hold on to their jobs and make ends meet, and more and more people are applying for financial assistance. A single mom, especially one who has low income, with all her responsibilities and burdens might just be the last person to get approved for a housing loan.
This is quite ironic because a single mom may be the person most in need of the security that home ownership can provide. Renting seems easier only for the short-term. It may be relatively cheaper than monthly mortgage. However, paying mortgage on property that will eventually be yours in 10 or 15 years is a much wiser choice. The drawback, therefore, is in the hardship one has to go through to secure home loans for single mothers. With rent, on the other hand, one constantly has to work for the monthly dues, on top of all the other bills to be paid. Ownership eventually gives one freedom from monthly rent payments and allows one the option to invest that money somewhere else. Ownership also allows one the freedom to do with his property as he likes – redecorate, renovate, rear down the front yard. The owner is the boss – not the landlord or the lessor.
At the end of the day, the most important factor to consider is still one’s sense of security and stability. For a single mom, this cannot be truer. Fortunately, home loans for single mothers are now within easier reach, thanks to several programs targeted to helping this exact demographic.
Possible Sources of Home Loans for Single Mothers
. Single mothers can apply for FHA (Federal Housing Authority) assistance, which when approved can help them guarantee a loan. Though this does not automatically mean that they are granted the loan, this definitely increases their chances of receiving it. The rate of home loans for single mothers being awarded has increased because of this program.
. For single moms who fall within a certain income bracket, help may come in the form of HOME Investment Partnerships, where down payment assistance is provided to families so they can get a jump start to owning their own home.
. Home loans for single mothers can also be received through Housing Choice Vouchers Programs, provided they meet the criteria for the low-income bracket. Taken into consideration is the family’s gross annual income, as well as the family size. Once eligibility is established, the family is given the voucher and the family has the choice to use that voucher to lease or buy a property, which must meet the safety and health standards set by the public housing agencies (PHA).
The Federal Housing Authority’s programs have been well designed to assist low-income families by providing home loans for single mothers and fathers, and also more options for struggling households to improve their quality of life. These options provide the necessary opportunities for security and stability, as well as financial freedom.
Please click the link and visit our website Grants for Single Mothers
For more related & informative article you might be interested in reading the following article:
Home Loans for Single Mothers – Lender Requirements
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