What Every Single Mother Should Know About Home Loan Programs

According to an article by the New York Times, women started purchasing more homes than men in the late 1900’s. Today, women purchase homes at twice the rate of men. In addition, in 40% of households with children, women are the primary breadwinners. Two thirds of those are single moms. As women take on more family responsibilities, they become the financial planners too, looking out for the long term needs of their families. More than ever, single moms opt to purchase a home to provide shelter and long term security for themselves and their kids.

In response to these trends, various grants, loans, and other programs assist with the sometimes-challenging financial obstacles for single income families.

If you think that you are ready to investigate the purchase of a home in the near future, there are things you should be doing right now. Be proactive! Obtain copies of your credit reports, pay your bills on time, and build a strong history. Many times, if your credit score is close to the thresh-hold, your good payment history will help pull you through the decision-making process.

Keep in mind that you do not have to spend a certain amount of money just because you are approved for it. Find your own comfort level with your mortgage payment rate and stick to that price range. Sunset Mortgage of Alabama can help you figure out what your personal ideal zone is based on your qualifications and the available interest rates. Then, our mortgage brokers will be here alongside you every step of the way, from pre-qualification to finalization of your home loan, to get this exciting new chapter started in your life.

If you don’t qualify for a conventional mortgage, or don’t happen to have a 20% down-payment in your back pocket, there are several other things we can do to help. Here are just a few of the programs Sunset has available for you:

HUD (Housing and Urban Development) has several different programs to help fill gaps. There is a program to help with down-payment. Another program will help by backing your loan through the federal government. State level HUD programs may also have special programs based on the demographics in your area.

The Veteran’s Administration has always had home loans, and these are a great deal for a single mom who has served in the U.S. Military or is connected to a vet.

The USDA offers home loans which most single moms would qualify for based on income limits alone. Ask us if your area qualifies for these zero down payment mortgage loans.

If you are buying your first home, there are special programs for this niche too. The FHA helps first time buyers, and your credit score is not as important as the 3.5% down payment.

If you have a better credit score, Fannie May has a program just for single moms. This program recycles foreclosed homes, and is a great opportunity to get a home at a reasonable price.

Habitat for Humanity has been around for many years, and uses sweat equity to offset some of the cost of building a home for candidates with good payment histories and steady incomes.

As you can see, it is quite possible that you too could buy your own home. Find out what Sunset Mortgage of Alabama can do to get you into the home of your dreams. Call us or apply online today!


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