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Housing For Single Moms In Illinois Article
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Single Mother: Housing Loan Problems?from:
The American Dream inspires everyone, especially a single mother. Housing loan problems though may keep her from achieving that dream. Single mothers are the ones in society most in need of good, affordable housing, but in less of a position to get it. Some of the housing loan problems that a single mother can face are: only one income, no credit history, and little or no down payment. There are ways for a single mother to begin to work with these issues years prior to applying for a home loan.
Having Only One Income
In the past, lenders may have been reluctant to only have one signer on the loan; it's now quite a bit more common. The statistics show that more single women are buying houses than single men, so a single mother buying her home is not such an odd occurrence anymore. However, the obstacle of income level is still one that needs to be addressed for a single mother.
Housing loan guidelines say that only 30% of any homebuyer's income should go toward housing expenses. If the income is low a person can be priced out of the market, especially if they are a single mother. Housing loan problems like this though can be finagled if the other two issues, credit and down payment, are beefed up. Also, child support payments can be counted as income when filling out loan applications.
No Credit History
Some women have good employment history and enough income to buy a house but either bad or little credit history. If owning a home is the goal, instead of renting an apartment one can choose to enter into a rent-to-own agreement on a house. This will increase the monthly payment on the housing but a portion of it will go towards a down payment. The fact that a single mother is making payments monthly and on time on a house will help smooth out the process when it comes to closing on the rent-to-own house for a single mother. Housing loans at the end of the renting term will then need to be chosen with a good interest rate to lower the existing payment.
Little Or No Down Payment
The down payment is the biggest outlay of cash when buying a home for a single mother. Housing loans are based on the amount of the initial down payment, which most lenders prefer to be at least 10% of the purchase price of the house. However, as a single mother, you can find programs for first time homebuyers with down payments as low as 3%. Some women's centers even have programs that match a down payment from a single mother to give them an added cushion and lower their monthly payments.
These are probably the top three issues for a single mother. Housing loan requirements can make it a juggling act to have the proper income, credit history and down payment to be approved for a long. However, by working with agencies like HUD and working to strengthen income, credit history, or down payment, a single mother can slowly work her way towards the achievement of the American Dream.
Housing For Single Moms In Illinois News
Kid… Have you rehabilitated yourself? - The Capitol Fax Blog (blog)
Kid… Have you rehabilitated yourself?
The Capitol Fax Blog (blog)
... parents met. While three Illinois sites are seeking to land the presidential library and museum, Chicago Mayor Rahm Emanuel, Obama's former chief-of-staff, said in January that he wants the city to make a single proposal for one location ...
Students across US take local Habitat for Humanity spring break challenge - The Daily Athenaeum
Students across US take local Habitat for Humanity spring break challenge
The Daily Athenaeum
Sixty-two students are in the process of building two homes this week, both for single mothers. ... The students participating in this year's challenge include 14 students from Boston College, 10 students from Berks Catholic High School in Reading, Pa ...
The Minimum Wage Is a Women's Issue - Honolulu Civil Beat
The Minimum Wage Is a Women's Issue
Honolulu Civil Beat
This week the legislature passed two minimum wage bills; one in the House Finance Committee and one in the Senate Ways & Means committee. Inasmuch as ... They are sharing a place to live with their parents, other relatives or friends. A full time ...
Part Six: From care to where? A community to cheer them on (with video) - Vancouver Sun
Part Six: From care to where? A community to cheer them on (with video)
In Illinois, one of the first states to do so, academic studies have found lengthening care until 21 (compared to states that did not) led to drastic decreases in homelessness, teenage pregnancy and unemployment, and vast improvements in high school ...
'Condemned' by Keith LaMar (Bomani Shakur) - San Francisco Bay View
'Condemned' by Keith LaMar (Bomani Shakur)
San Francisco Bay View
Some readers of San Francisco Bay View may have read an article I published in this newspaper about my friend Todd Ashker, a member of the “Short Corridor Collective” in the Security Housing Unit (SHU) of Pelican Bay State Prison. Keith LaMar has a lot ...
We are Logan Square - Socialist Worker Online
Socialist Worker Online
We are Logan Square
Socialist Worker Online
Another post charged that "undesirables," such as retirees and single moms, are not being offered the chance to renew their leases while younger, "hipper" tenants are. ... The Facebook page calls for a boycott of M. Fishman & Co. and points to ...
More like this, please - The Capitol Fax Blog (blog)
More like this, please
The Capitol Fax Blog (blog)
Anon1976 ignores the fact that “far left” Chicago was one of MLK's biggest defeats, delivering a limp and lame open housing ordinance that neither promoted open housing nor punished discriminatory housing. “Far left” Chicago had a racist cabal that ...