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How To Get A FHA Home Loan For Single Mothers
Using the FHA home loan program, even a single mom in the lower income strata, can purchase a home at reduced down payment; without her marital status being of any hindrance. |
With a few basic steps, it is simple to acquire a FHA loan. If you are a single mother, then firstly, you must start saving up for the down payment on the dream home. Usually 3.5 percent down payment along with the closing costs is required for acquiring a FHA loan. Although there are some programs that require no down payment.Next step is the compilation of necessary documents, that is, 2 years’ tax returns, 2 months’ bank statements, 2 years’ W2 or 1099 forms, 2 months’ pay stubs and child support decree or alimony (if applicable). A completed mortgage application containing your details along with necessary documents must be submitted to the lender. If all requirements are met, the mortgage lender will then approve the application after carefully scrutinizing your financial details taking into consideration current debt to income ratio, monthly payment of new mortgage and credit score.
Once you get the approval, you can go house hunting and look for the house that fits your requirements as well the price range as approved by the mortgage lender. It is always a better option to hire a realtor to help you with the process to ensure that you do not get a raw deal.
The final step is signing of the contract papers for the chosen house and sending them to the lender. You will also have to sign FHA loan documents, which will be evaluated along with the amount for title insurance on the new home. If the loan application passes underwriting, you can close in on the new loan and move into the new house.
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