As a single mother carrying the entire financial burden of your family, buying your own home can seem a little daunting to say the least.
Whilst there are many advantages to owning your own home, it is not always the best solution for every single parent out there. So before you undertake this considerable financial burden, make sure that this is really the best situation for you and your family.
If it is, then fortunately there is plenty of help out there for such single moms. Many of the housing plans out there are not aimed specifically for single moms, but actually at low income earners. So, depending on your financial situation, you may fit into this category. The HUD is one such organization which caters for low income earners and they help the prospective buying make the right decision before purchasing a property. The HUD are on your side in an area which is full of people out to rip you off. They will provide reliable information about mortgages and finding a reputable home buying program – a very helpful service indeed!
Contact your local government office to see what other financial help you may be eligible for. You may be eligible for a FHA (Federal Housing Administration) loan, which is a loan provided by FHA approved lender. FHA loans are designed for low income Americans to borrow money to buy a home that they would otherwise not be able to afford. Whilst the FHA do not make loans themselves, they insure loans made by private lenders. If you are not eligible then ask the officials to advise you on the best place to find a mortgage. Be sure to get up to speed on many of the hidden traps and fees. As a general rule, if it sounds too good to be true, it generally is!
Please do your research before signing up with a mortgage provider. Make sure you meet with them face to face and ask them all the questions you may have. It is very important to be sure about all the fees you will be responsible for as if you are not able to meet your repayments, you could end up in a worst situation.