Today’s ever-rising prices make buying a home one of the biggest challenges in life. This is far more difficult for a single mother. Coping with the daily expenses, monthly rents, bills, and medical expenses in today’s economic times leaves a single mother drained of all her funds.
However these days, there are a variety of advantages that can be availed by single mothers to seek housing loan assistance.
Most of the single mothers are not sure if they will qualify for a routine bank loan to afford a house. In that case they can take benefit from State Housing Authority which offers special assistance for housing Loans For Single Mothers. They can browse through their website and talk to the representatives about details of qualification criteria.
U.S. Federal Housing Administration also offers special home loan facility for single parents. Their easy down payment scheme coupled with comparatively low interest rates is apt to suit the needs of a single mother. Even the single mothers who work part time can opt for these loan offers. FHA offers low investment which comes around 3-5% of the total amount. This adds to the affordability of the loans for the single mothers. In order to own a house, there are many options for single mothers. They just need to look around and find the one that is most suitable.