im a single mom of three children and i cant seem to find a loan to help me buy a home. i currently own the place im staying in but it needs work done on it to much for me to do any ways. i just need a loan to help come up with a down payment at least. any help?
2 Comments Already
May 1st, 2010 @6:14 am
What do you mean own the place you are staying in? Is the place clear and free or are you making a monthly mortgage payment.
If your house is free and clear you could apply for and get approved for a home improvement loan. There are some cities that have home improvement loans that require nothing down. The qualifying is not as stringent.
In some instances the home improvement loans are forgiven over a period of time. The longer you remain in the house the less you have to pay, if you stay there long enough your loan would be forgiven.
These home improvement loans are normally found at the city or county Housing Departments.
In order to be approved for a loan to purchase a new home you must apply and be qualified. Some lenders require strict approval guidelines.
You might consider a FHA mortgage loan, where the requirements would be less strict as oppose to a conventional mortgage.
Again you for down payment assistance, some cities have down payment assistance. You have to call the Housing Department of your city or county and inquire as to the availability of any type of mortgage assistance.
Since the credit crunch some cities might have phased out this program, however, there are a few that kept them.
I hope this has been of some use to you, good luck.
“FIGHT ON”
Personally, I’m glad there are no “Single Mom Loans….” no offense.
You could do other loan programs, however. There is one type of loan called a USDA RD loan where you do not need a down payment, it’s 102% financing (they finance the RD financing fee into the loan, and that is the 2%). You do need to purchase a home in an eligible rural area, a town having a population of 20,000 or less. You also need to have the required debt to income ratio (no more than 41% back end) and you will need to make less than 115% of the areas median income.