Home loans for single moms

 

Single Moms are usually on the lookout for getting some kind of financial backing for Real Estate. While for some, the decision has proven to be an excellent investment, others have had to come face to face with many a dark days as a result of an ill-judged or mistimed investment.


 
So for single moms on the lookout for home loans, reading through the next few paragraphs might be very helpful in having you arrive at a mutually productive decision. By mutually productive decision, I mean something which is going to be helpful to you and to those who depend on you in the longer run.

The first thing you should be considering in your mind is 'What is the purpose of you buying this structure with four walls and a door?' Are you planning to get rich overnight or are you planning to stay in that house. Because if the objective is to sell off the house, it would be advisable for you to have a very close watch and an in depth knowledge of the real estate market trends in that locality. While some areas in the United States have ballooned in terms of value over the short interval of a few years, it may be noted that most of the neighborhoods in the US have remained static with no notable rise or fall noted in terms of Real Estate Value. According to studies, many localities have actually lost out on their original values over the last decade! Even within a locality that you are absolutely sure will increase in price; it is advisable not to take a blindfolded plunge into the market. Because within a certain locality, simple factors like road width, approach, presence of green areas, a nearby mall, can influence certain places to have a more substantial increase in value. So basically two pieces of land may have similar value today but a different value after due course of time.

If the objective is to live in the house, the most important thing for you to consider is ‘How long to expect to stay in that place?’ And be
very realistic and consider each and every variable in this regard. Because an untimely sale of your home could cause you to lose out on 10-15% of its value, and thus cause a massive dent to your Piggy Bank.

There are certain localities where you would definitely like to make a comparison between the Rate of Sale and the Rent in a locality. It might be a very feasible opportunity to actually Rent out a place for a longer period of time rather than exercise the power of purchase, especially if you carry uncertainties about the probable duration of
your stay in the region. The final piece of advice when buying a house is exercising the power

of bidding low. You might get a lot of unpleasant remarks from Real Estate Agents,  make a lot of bids,  and most probably would have to give up the concept of your ‘Dream Home’ but if you can get something 20-30% off its original value after a lot of hassle, I can assure you it would be worth it!

Loan Programs include VA Loan Program which guarantees are made to service members, veterans, reservists and certain qualifying unmarried surviving spouses for the refinancing of a VA home. The next program includes the The Native American Direct Loan Program makes home loans available to eligible Native American veterans who wish to purchase, construct, or improve homes. The third program is the The Farm Labor Housing Loan and Grant program provides capital financing for the development of housing for domestic farm laborers. The fourth program is the Rural Housing Loan Program where Direct and guaranteed loans may be used to buy, build, or improve the permanent residence of a single mother. More details can be found in our Low Income Housing Assistance section.



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