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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
Primary challenger takes on US Rep Jackson in Chicago, hoping race is less of ... - Chicago Tribune
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Number of asset-poor Americans rising - Chicago Tribune
 Chicago Tribune | Number of asset-poor Americans rising Chicago Tribune The single mom and her 12-year-old son, Marvin, have been living in a $575-a-month studio apartment on the North Side since November. But with a work schedule averaging 15 to 20 hours a week, in a job paying about $8.75 an hour, Pagan is struggling to ... |
Text of Gov. Pat Quinn's State of the State speech - Galesburg Register-Mail
 Chicago Tribune | Text of Gov. Pat Quinn's State of the State speech Galesburg Register-Mail By legalizing civil unions, by raising the standards of nursing home care, by abolishing the death penalty and by protecting the funerals of our military men and women who gave their last full measure of devotion to our democracy, we have made Illinois ... Full text of Gov. Pat Quinn's State of the State address |
Primary challenger takes on US Rep Jackson in Chicago, hoping race is less of ... - Chicago Tribune
Primary challenger takes on US Rep Jackson in Chicago, hoping race is less of ... Chicago Tribune The campaign is shaping up as one of the toughest fights in Illinois' March 20 primary, and it could be the latest test of whether famously segregated Chicago and its surrounding suburbs have moved beyond voting along racial lines. |
Community Calendar for Feb. 5 - Lincolnwood Review
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Manufacturing in US Probably Expanded at a Faster Pace - Bloomberg
Manufacturing in US Probably Expanded at a Faster Pace Bloomberg Housing starts dropped 4.1 percent to a 657000 annual rate in December, capping the worst year on record for single-family home construction. Bloomberg Survey ======================================================= ADP ISM Construct Payroll Manu ... |
Park Ridge Community Calendar for Feb. 9, 2012 - Park Ridge Herald-Advocate
Park Ridge Community Calendar for Feb. 9, 2012 Park Ridge Herald-Advocate Center counselors also are available to help eligible residents apply for Illinois Circuit Breaker property tax relief grants and license plate discounts, Illinois Cares Rx (prescription drug assistance), the senior citizen real estate tax exemption ... |