Welcome to Single Mother Assistance
 |
|
 |
|
 |
Housing For Single Moms Article
This is a selection made from among articles on Housing For Single Moms. For a permanent link to this article, or to bookmark it for future reading, click here.
Single Mother: Housing Loan Problems?
from:The American Dream inspires everyone, especially a single mother. Housing loan problems though may keep her from achieving that dream. Single mothers are the ones in society most in need of good, affordable housing, but in less of a position to get it. Some of the housing loan problems that a single mother can face are: only one income, no credit history, and little or no down payment. There are ways for a single mother to begin to work with these issues years prior to applying for a home loan.
Having Only One Income
In the past, lenders may have been reluctant to only have one signer on the loan; it's now quite a bit more common. The statistics show that more single women are buying houses than single men, so a single mother buying her home is not such an odd occurrence anymore. However, the obstacle of income level is still one that needs to be addressed for a single mother.
Housing loan guidelines say that only 30% of any homebuyer's income should go toward housing expenses. If the income is low a person can be priced out of the market, especially if they are a single mother. Housing loan problems like this though can be finagled if the other two issues, credit and down payment, are beefed up. Also, child support payments can be counted as income when filling out loan applications.
No Credit History
Some women have good employment history and enough income to buy a house but either bad or little credit history. If owning a home is the goal, instead of renting an apartment one can choose to enter into a rent-to-own agreement on a house. This will increase the monthly payment on the housing but a portion of it will go towards a down payment. The fact that a single mother is making payments monthly and on time on a house will help smooth out the process when it comes to closing on the rent-to-own house for a single mother. Housing loans at the end of the renting term will then need to be chosen with a good interest rate to lower the existing payment.
Little Or No Down Payment
The down payment is the biggest outlay of cash when buying a home for a single mother. Housing loans are based on the amount of the initial down payment, which most lenders prefer to be at least 10% of the purchase price of the house. However, as a single mother, you can find programs for first time homebuyers with down payments as low as 3%. Some women's centers even have programs that match a down payment from a single mother to give them an added cushion and lower their monthly payments.
These are probably the top three issues for a single mother. Housing loan requirements can make it a juggling act to have the proper income, credit history and down payment to be approved for a long. However, by working with agencies like HUD and working to strengthen income, credit history, or down payment, a single mother can slowly work her way towards the achievement of the American Dream.
Housing For Single Moms News
Charity empowers homeless, single moms - York Daily Record
Charity empowers homeless, single moms York Daily Record, PA - The goal is to help the families achieve financial stability, permanent housing and increased self-esteem. "We take moms from basements, out of parked cars, ... |
Colleen McCain Nelson: Life lessons from Wyshina Harris - Dallas Morning News
Colleen McCain Nelson: Life lessons from Wyshina Harris Dallas Morning News, TX - Wyshina Harris, a single mom who spent six years in the Air Force, was making it all happen. As the education outreach manager for the academy, ... |
Support for single moms shallow, quick to fade away - Gloucester Daily Times
Support for single moms shallow, quick to fade away Gloucester Daily Times, USA - The report calls for the expansion of government childcare and housing programs to sustain workers who are also students and parents. ... |
Rowan shows its humanity: Habitat strives to eliminate world poverty - Rowan University The Whit Online (registration)
Rowan shows its humanity: Habitat strives to eliminate world poverty Rowan University The Whit Online (registration), NJ - The house first opened in early 1990 as a homeless shelter, providing single women and families with temporary housing. They also provide help for women ... |
YWCA, now as then, is empowering women - Winston-Salem Journal
YWCA, now as then, is empowering women Winston-Salem Journal, NC - The early YWCA provided women the same thing that the organization later provided to single mothers, such as Lea Loftis, who moved to Winston-Salem in the ... |