Mortgage Loan Options for Individuals and Single Parents
Availing of a mortgage loan indeed becomes easier for a couple, as they have two separate incomes and credit scores to offer to the lenders. However, this does not mean that if you are a single parent, you won’t be able to get your hands on a mortgage loan. These days, there are numerous different types of assistance programs that are available for single parents and individuals for buying a home. These programs also allow them to overcome different types of challenges, like poor or short credit scores, low down payment, or a modest income. You can always manage to find lowest mortgage interest rates, as far as home loans are concerned.
Few interesting data which you need to be aware of
Banks or financial institutes are not allowed to discriminate on the basis of marital status. However, with one income, it can be a bit difficult for single buyers to qualify for a mortgage loan.
According to a report revealed by the National Association of Realtors, few interesting facts have surfaced. They are as follows.
- In the year 2016, more than 67% of home buyers what couples.
- In the same year, 7% of them were single men.
- Almost 17% of single women purchased home in the year 2016.
- As far as unmarried couples were concerned, it was nearly 8%.
When it comes to single women, there has been a significant rise compared to 2015. In the year 2015, i15% of single women had purchased new homes with a mortgage loan. In the year 2011 however the number was much higher, and it boiled down to a total of 18%.
FHA – A Excellent Program to Avail Home Loans
If you are single, and you were planning to buy a home, irrespective of the fact, whether you have any children or not, and if you have a modest or low income, in that case, you can opt for FHA Home Loans. This is a special program, where you do not need to pay a considerable amount, as a down payment and there are different other relaxations which are also offered.
One of the main criteria to be eligible for a mortgage loan is that you have a decent credit score. Besides, your source of income and its stability are also taken into consideration. If you are a single parent or an individual who lives all by yourself, in that case, it is not very difficult to avail of a mortgage loan, even if you belong to a modest income group. All you need to do is to know about the different types of programs and other facilities which are available around and make sure that you qualify to avail the benefits offered by them.