How Single Mothers Can Become A Homeowner Regardless Of Income
Posted on: 18 December 2017
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Single homeownership is becoming more prevalent because of so many homes being headed by a single parent. If you are not paying with cash, then you have to get approved for a loan. Approval is usually based on credit rating and income.
For these reasons, single mom tends to feel discouraged about buying a house and choose to rent. Single moms actually have an advantage because programs are geared toward them. Read on to find out how single moms can become a homeowner regardless of income.
Qualifying As A First-Time Homebuyer
A first-time homebuyer is someone who has not owned a property within three years. You are also a single parent, which means you may be eligible for an exception. It helps to contact the Department of Housing and Urban Development to qualify as a first-time homebuyer. This qualification opens doors for a number of grant programs and financial aid to obtain homeownership.
Check With The Federal Government
The federal government offers a variety of programs that make buying a house affordable. The Federal Housing Authority (FHA) offers loans for first-time homebuyers who do not have a down payment. The United States Department of Agriculture (USDA) is another federal government program that offers budget-friendly loan programs for buying houses in rural areas. It helps to research the different programs because many states offer down payment assistance programs.
Find An Experienced Real Estate Agent
You want to work with a real estate agent who has worked with clients in your position. An experienced real estate agent can tell you about what programs are located in your local community. He or she also can help you explore the single family homes for sale in your area.
A single-family house is a free-standing residential building that is not attached to anything. It is also more affordable than a multifamily home. The space is usually smaller, but you still can get a three-bedroom house. You have to research and visit a lot of properties until finding the right one.
It is tough being a single parent. You have to provide for your family financially and support them emotionally. It is common to want to provide a home for your family. Living in an apartment is not the same as owning your own home. You are paying rent for something that you will never own. If you are ready to take the next step, then contact a real estate agent about buying a home.