If you’re searching for home loans for single mothers programs, then this article will open your eyes up to all of the possibilities and programs that are available to you.
One of the most important loans for single parents is the FHA loan program which single parents can use to receive obtain any homeowner loan objective they are looking for. Many single mothers who are currently in Section 8 housing, living with their family or friends, or even possibly homeless. If this sound like you, then you need to find out more about this FHA loan program as well as other home loans for single mothers programs.
FHA Home Loans For Single Mothers
So what is the FHA Loan program? Well, it’s a mortgage product that is designed to give every qualified person in the United States the opportunity to own their home. This loan program is officially insured byHUD and is administered by the FHA. For many single mothers, or anyone for that matter, this is the first place to look when shopping for a mortgage. Keep in mind that not every mortgage company you work with has the ability to originate this loan, so make sure that your mortgage company can.
FHA Loan Program Benefits
- Lower interest rates than normal bad credit loans
- Credit score not a determining factor
- Seller is allowed to pay closing costs
- Credit history is not important
- Works in conjunction with grants
- Down payment help is allowed
- No bank account necessary
- No income restrictions
- Prior bankruptcy is ok
So as you can see, this is an extremely powerful loan program designed to allow just about anyone to live the American Dream – to be the proud owner of a home. There are also other home loans for single mothers programs that you may be interested in. The first time homebuyer program, which is tied into the FHA, is also a great place to start. It’s important that you speak with your local HUD office to determine if there are any other state funded programs or grants for single mothers available that can even help you pay your down payment or closing costs associated with buying your home.
The bottom line is that if you are ready to buy a home and meet the minimum qualifications, then you can be on your way to home home ownership in no time. Make sure that you speak with a real estate agent that has your best interest in mind, as well as one that is well aware of the various home loans for single mothers programs available in your area.