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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
Best free attraction - STLtoday.com
Why the poor can't be like the rest of us - Quad-Cities Online
Why the poor can't be like the rest of us
Medical care (half of all births in Illinois are paid for by Medicaid), housing, welfare, food stamps and other benefits are almost automatically available to the new single mother, as I understand it. Such a life might not be good, but it might be ...
Jim Nowlan: Why can't they be like me? - Kankakee Daily Journal
Kankakee Daily Journal
Jim Nowlan: Why can't they be like me?
Kankakee Daily Journal
Years ago, I volunteered in a program for single mothers who were required to work or further their education in order to qualify for welfare benefits. The situations of the mothers were generally desperate. Having a child out of wedlock wasn't the ...
YWCA event raises funds for area women and children - WGEM
YWCA event raises funds for area women and children
The U.S. Department of Housing and Urban Development grant provides 80 percent of the program's funding. The YWCA must raise the other 20 percent. Betsy Wert, the chairperson of the event, says this is the first year they will be honoring a man at the ...
Tornadoes rip through parts of Midwest; 2 killed - CNN
Tornadoes rip through parts of Midwest; 2 killed
In Fairdale, nearly 20 homes were leveled, Connell said. "We hope and pray that that is all," Gov. Bruce Rauner said Friday. "We're very blessed that more people were not hurt." Ogle County Sheriff Brian VanVickle's house in Rochelle, Illinois, was a ...
Hail, high winds, tornadoes possible for Midwest on Thursday
'EF-4′ tornado hits northern Illinois community, 2 killed and disaster ...
Second Illinois tornado death confirmed
Cindy Lange-Kubick: Loving her ladies and keeping them lovely for 52 years - Lincoln Journal Star
Lincoln Journal Star
Cindy Lange-Kubick: Loving her ladies and keeping them lovely for 52 years
Lincoln Journal Star
Bonita opened that first shop in 1963, a single mom working long hours, living in an apartment above with her daughter, Kitty Sue, a girl who grew to love the smell of hairspray rising from below. Her clients came from the neighborhood, and later from ...
District officials decry disabled parking fraud, but have failed to fix it - Washington Post
District officials decry disabled parking fraud, but have failed to fix it
To the right, the 10-story glass Constitution Center, which houses the Office of the Comptroller of the Currency. D.C. parking enforcement ... Some places, such as Illinois, have largely ditched free parking but allow exceptions for many in wheelchairs ...