Authored by Kristian Keefer in Loans
Published on 01-28-2010
If you are a single parent, it can be a struggle to obtain a mortgage for a home. You probably dream of having your own house that you will own for your family. FHA loans are often a good source for single parents who are looking to buy their own home. There are many features of FHA loans that can help you to obtain the mortgage you need and the one that you can afford.
II is not uncommon for single parents to have some credit problems. This can be a result of divorce or due to the fact that you are living on just one income. Having a poor credit history can make it difficult to be approved for a mortgage from traditional lenders. FHA has more flexible credit requirements making it easier for you to be approved for a loan even if you have had some credit problems. An FHA loan will also help you to receive more affordable interest rates if you do have some credit issues.
There are often grants and other program that can be used in conjunction with FHA loans to help you realize your dream of buying a home. For example, you can sometimes receive grants to help you cover closing costs or even to help you be able to make more manageable monthly payments. These grants are often not available with mortgages through other lending programs.
There are different FHA programs available that can help you to afford the down payment that you need to purchase a home. There are also programs to help make the closing costs more affordable for you. Some of these programs are not available when you take out other types of mortgage loans that are not through FHA. When you take a loan through the FHA, the closing costs are regulated by the government to help ensure that borrowers (especially single parents) will not need to pay unreasonable rates.
When you are using the FHA loan program, you can receive help from the seller to pay for the cost of closing on the home. They are able to pay as much of 6% of those costs for you so that you can purchase the home.
There are inspections and regulations that a house must meet for you to be able to purchase it using an FHA loan. These requirements are in place to help protect you and your family. They are designed to make certain a home is safe to live in and that it is of a good quality for you to raise a family in.
There are so many different programs available to you if you are using the FHA loan program. These programs can make it possible for you to afford your new home. It might not always be as easy to do so through other loan programs as a result of the cost of closing fees and a down payment. FHA lenders do what they can to help single parents be approved for a home mortgage.