Home Buying in 24590>Question Details

Jcsmom, Home Buyer in 24590

are there any loans for a single mom with 2 children?

Asked by Jcsmom, 24590 Mon May 14, 2012

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6
Darrell D. Drouillard’s answer
Sure! It must be noted that loans are not based on single versus married, nor mom versus dad, nor number of children. The criteria for loans is based on numbers - credit, payment history, income.

In today's market, the best loan option is an FHA loan. Typically this will require a 3.5% down payment by most lenders....but, by purchasing certain HUD foreclosures, you may be eligible for only $100 down loan if you qualify otherwise. If you are a veteran or eligible for a VA loan, you can obtain a loan for no money down. Another loan of interest is the 0% down USDA loan - but these loans require not only borrower approval, but also the home has to be in an acceptable geographic area which are predominantly rural areas.

There are many loan options out there for everyone....if you qualify. I recommend that you talk with a loan officer to get pre-approved and determine where you stand financing wise. Good Luck!
1 vote Thank Flag Link Mon May 14, 2012
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0 votes Thank Flag Link Sat Oct 4, 2014
I don't know of any loans specifically for single Moms, but I do have experience working with clients looking for creative financing. I'm a single mother and I understand how challenging it can be to qualify for a mortgage. Please feel free to call me. I would like to refer you to someone in the area who may be able to help you.
0 votes Thank Flag Link Sun Jul 22, 2012
Depending on where you are buying you may qualify for a USDA No Money Down loan: http://www.trulia.com/blog/elliott_r_oliva/2012/04/100_usda_…
0 votes Thank Flag Link Mon May 14, 2012
Your marital status has no bearing on your ability to qualify for a loan! Your credit, and debt vs income are the primary focuses for a lender. You need to contact a local loan officer and set up a time to discuss your individual ability to qualify based on your finances.

You can also contact a well respected agent in your local area and ask them for recommendations on loan officers.

best of luck,
0 votes Thank Flag Link Mon May 14, 2012
Good answer Darrell! You really need to sit down with a loan officer or mortgage broker who can review all of your financial info, and determine what you qualify for.
0 votes Thank Flag Link Mon May 14, 2012
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