More good news for you! There are home loan options for single parents! While there is not a specific home loan for a single parent, there are many programs out there that will likely meet the needs of a single parent. With being a single parent, you only have one income so money is a lot tighter and may be more complicated. Programs are out there that can give you funds toward a down payment, for example. Do not let being a single parent keep you from looking into purchasing a home!
We do know that there are some single parents out there where money is not an issue or even a thought. For those that fall into this category, you will likely be able to put 20% into a down payment and you would get approved for a conventional mortgage.
Unfortunately, we do recognize that not all single parents will fall into this category. Most will not. But do not be discouraged! You still have the ability to be a homeowner. Most lenders will want to make sure you can afford mortgage payments comfortably – along with any out of the ordinary circumstances that may occur from owning a home. Lenders will also want to make sure your debt-to-income ratio is low so you can afford your mortgage payments. Lenders will also look into your credit score and most programs have different minimum credit score requirements.
There are a handful of programs and loans out there that may be flexible or having options for no down payments. All programs will be a little different so you need to find out how much you can afford as a down payment, what your debt-to-income ratio is, and your credit score. Once you know at least these three items, you can look into options that are available and see what you fit into. It also depends what state you are trying to purchase a home in.
We hope after reading this that you are no longer discouraged! It is possible, if you are a single parent, to qualify for a mortgage!