As a single parent, you want to have your own safe, quality, and secure housing for your family or even for your children. However, even if there are more challenges faced by single parents on applying for a home loan because of the higher standards required by lenders for loans because of case sensitive reasons, there are a lot of down-payment assistance programs and loan programs that helps you overcome or bypass the existing case sensitive mechanisms for being able to qualify for a single parent home loan.
How to Look for Help
To look for help, it is also wise to have a talk with a local housing authority to give you advice or rather lead you to specific housing organizations, loaning programs, or of down-payment assistance programs that fits your financial situation and housing needs depending on your own specifications as well. This is to help you be guided with accredited programs and proper assessment of your finances to fit in with proper plans and single parent home loan that fits you.
Examples of Help
Some examples of these loans are conventional loans and FHA loan. Conventional loans only require a minimum of down payment as low as 3% to get approved as long as you have a good credit history and stable financial inflow. FHA on the other hand requires real low interest rate as down as 3.5% and does not really require a good credit score or credit history. The good news for single parents who want to home loan is that some lenders are starting to lower their credit scores minimum and their home loan financial standards to get more clients and customers. There are also other financial support for down payment assistance programs to make hefty down-payment qualifications lighter for the home loaner applicant and this can be real helpful to single parents who can’t meet the expensive down-payment requirements given by the lenders.