Are you a single mother and needing to get pre-approved for a home loan? An FHA loan in San Antonio by Mid America Mortgage, Inc. may be right for you. We understand that life can come at you from all angles, which is why being a single parent can be kind of tough to say the least.
Statistics show that over 34% of home owners are actually single parents.
Breaking it down even further, over 40% of those are actually single mothers.
That’s almost half!
Luckily, there are several home loans for single mothers and one of the most noted loan types that comes to the rescue is the FHA Loan.
Starting Off on the Right Foot
One of the very first things you should do is to find out your options and look through some home loans for single mothers, by getting in touch with an FHA loan specialist to speak about the qualification requirements for your home purchase in San Antonio.
FHA home loans for single mothers are a perfect fit because there have less stringent qualification standards in regards to income, credit, and payment history. Even if you’ve had some rough spots in the past due to a little financial difficulty taking care of your family, if most of those scenarios can be explained in a logical manner that makes sense, the underwriting guidelines open up a bit due to your circumstances. At the end of the day, it’s all about making it easier for hard working mothers to be able to buy or refinancing their homes.
Another really good resource is to also get in touch with your local housing authority and find out if there are other programs available that may fit your scenario. Usually, they all lead back to FHA home loans for single mothers because of the attractive financing terms, but it’s always a good idea to at least check them out and see for yourself.
The Department of Housing and Urban Development (HUD), the organization that governs FHA loans, also has counselors that can help answer questions, however, while they may be helpful, they may not be up to date as to all the new and exciting FHA home loans for single mothers that may be available to you, which is why getting in touch with us may be a better option.
We’re Here to Help
We understand some of the frustrations you may have when it comes to being a single mother and trying to get approved for a mortgage so that you can provide for you and your family.
In addition to all the guidance we can give you when it comes to buying a home, we always do everything in our power to help out in any way that we can. Providing you with as much information as you need to make an educated decisions is what it’s all about.
There are several state and county programs that provide support for single mothers that you can look into that may also be a great resource for you as well.
Until then, keep doing what you’re doing and we’re always here to help.