Single Mother Resources
Single Mother Housing Assistance Article
This is a selection made from among articles on Single Mother Housing Assistance. For a permanent link to this article, or to bookmark it for future reading, click here.
Single Mother Housing Loan Problems
from: Karlie BestlerThe American Dream to own your own house inspires almost everyone. Single mother house loan problems though may keep a single mother buying a house 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 single mother house loan problems that a single mother buying a house can face are: having only one income, no credit history and little or no down payment. There are ways for a single mother to begin to work on these issues prior to applying for a single mom house loan.
Only One Income
In the past, most lenders have been reluctant to have only one signer on the loan. It is more common now. The statistics show that more single women are buying houses than single men, so a single mother buying a home is not such an odd occurrence anymore. However, the obstacle of income level is still a big problem 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. Single mom house loan problems like this though can be finagled somewhat if the other two issues of credit and down payment are improved. 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 have 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 makes payments monthly on time on a house will help smooth out the process when it comes to closing on the rent-to-own house. The mortgage at the end of the renting term should then be chosen with a good interest rate to lower the existing payment.
Small Or No Down Payment
The down payment is the biggest outlay when buying a home. 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 buying a house, you can find programs for first-time homebuyers with down payments as low as 3%. Some women's centers even have single mother housing assistance programs that match a down payment from a single mother to give them an added cushion and lower their monthly payments.
Housing loan requirements can make it a juggling act to have the necessary income, credit history and down payment to be approved for a loan. 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 buying her own home. With the help of HUD funding house grant single mothers may very well be able to purchase a house.
Related Articles for Single Mother Housing Assistance
Single-Mother-Housing Online News
Lex-Care: Single mom needs $604.20 to pay electric bill
Susan Ross, a social worker with TK Targeted Assessment Program, is working with a single mother who
Read more...Occupancy standards tightened for housing aid - Thu, 02 Feb 2012 PST
Changes to the Spokane Housing Authority’s housing voucher program could make for some tight living arrangements. Because of budget cuts, the agency is implementing new occupancy standards and will pay rent based on one bedroom for every two people in a home in an effort to continue to serve all clients receiving housing assistance. “If you have a family of four, you would have a two-bedroom ...
Read more...Mom Who Abandoned Kids Had High Access To Assistance
Co-workers, others who know her: "She must have snapped" The front door of Dalisha Adams's apartment in a Glenwood Road public housing project is padlocked, and clearly shows where somebody had to break it down to arrest the 26-year-old mother accused of abandoning her daughters Diani, 4, and Dominae, 2, on a frigid Sunday afternoon.
Read more...