Welcome to Single Mom Housing Guide
Housing Grants For Single Moms Article
This is a selection made from among articles on Housing Grants 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 Grants For Single Moms News
Family Promise helps homeless families in the Gallatin Valley
For many, its hard to believe homlessness is a problem here in the Gallatin Valley. But, according to homeless advocates, it is, and many homeless are children.
Read more...Moms share how to balance family life, work in community
Five Gilbert moms tell how they balance family life and community involvement.
Read more...Changes in progress for homeless program
Spring is a time for change in nature and in housing for some families.
Read more...Attorney Aaron W. Smith Supports Hope Chest For Kids in Their Efforts to Improve the Lives of Abused and Abandoned ...
Aaron W. Smith hopes to make a permanent difference in the lives of neglected, abandoned or abused children through a $250 donation to Hope Chest For Kids, Inc.Columbia, MO (PRWEB) May 10, 2012 Aaron Smith presented a $250 check to Hope Chest For Kids, Inc., a nonprofit organization based in Clark, Missouri. Hope Chest For Kids’ goal is to make a permanent impact on the lives of children who are ...
Read more...School reform for the corporate era
Gov. Bobby Jindal has remade the Louisiana public schools system with impressive speed over the past legislative session. Last week, he signed into law a suite of landmark reform bills that will likely change the direction of public education in Louisiana forever. But not all change is good, and critics say both Jindal’s agenda and the strategy to move it come right from the playbook of ...
Read more...