Home loans are really a big and crucial problem for the individuals in the today’s financially crumpled world. For the single mothers without potential income resources, things become all the more worse than good.
Statistics in US economy point that increasing number of families are being raised by single mothers and this has been due to rapidly changing and fast moving lifestyles. Around 35% of homes in US have single parents as the occupants and approximately another 40% of these homes are monetarily balanced by single mothers who are living below the national poverty structure.
There are different types of home loans available to single mothers, but many a times loan application is just disapproved, For example, if the single mothers are forwarding their home loan application to the banks for securing home loans, it is very likely that their application will be rejected. It is because banks usually consider single mothers as high risk borrowers. But there is still hope left as single mothers can secure several other effective loan options. There are also several of the other government aided home loan programs which will ensure quick and easy loan facility and at the end help in buying the new home for all the reasons and benefits.
Listed below are some of the federal home loan programs which are exclusively designed for single mothers so that they become home owners and raise the family comfortably as well as make a permanent asset:
Housing and Urban Development – This agency will not in actuality provide direct home loan to the single mothers, but on the contrary offer instant loan guarantees for borrowers who are otherwise finding it too difficult for the bank home loans. In short, the housing and urban development agency works significantly towards bringing valuable changes in the lifestyle and adding to the prospects of the single mothers.
Look for FHA Loan – Single mothers are offered financial assistance through the route of FHA. It works on the principles of housing and urban development and after you have been approved for this loan, you will also become eligible for the bank home mortgage loan. It is a kind of win win situation for the home loan buyers, especially, if the buyers are single mothers who are just more than willing to buy a home.
Housing Choice Vouchers Program - This special housing program is also based and assisted by Housing and Urban Development designed exclusively for single moms who really want to buy a home for their family members and want to give a completely independent life to her family. The housing choice vouchers program is a state specific program, and therefore, it is quite necessary that single mother looks in detail on the terms and conditions. Though the program is not made strictly for single mothers, definitely, the program will help mothers to purchase homes with this route of financial assistance.
With home loan finance modalities available, you can definitely make the right choice and bring the best of everything. Women’s Business Grant, an individual is expected to provide complete details of assets and corpus of business to the government body. The government authorities will then verify the required documents and other essentials before approving the loan.
This guest post is written by "Carol William" who contributes to a website which provides housing assistance for single mothers.
There exists yet another method to buy your own property. If you are exhausted paying over a regular monthly payments, then you can rent to buy to get your own property.