Single mother mortgage programs

These are some of those single mother programs which are designed to help with mortgage payment. To have questions answered about the program, call Principal Reduction Alternative PRA is a way to reduce the unpaid principal balance on a home by dividing it into separate accounts.

There is an interest-bearing principle account along with a non-interest account. Over the course of three years, if the homeowner can complete payments adequately, the non-interest account is reduced to zero. More details can be discovered by calling Second Lien Modification Program 2MP is for individuals that have permanently switched to the HAMP mortgage modification and they now have a second mortgage on that property. This allows for a reduction in principal on that second mortgage.

Call for more information on single mother benefits. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.

Necessary Necessary. Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information. Non-necessary Non-necessary. Gundersen says that Illinois rolled out a new program in April called Welcome Home Illinois that is perfect for single mothers.

It is run through the Illinois Housing Development Authority. Here are some options to investigate for your situation with your lender, according to Gundersen:.

Your loan will have a low interest rate, and you only need 3. That down payment can come from a gift. Depending on the lender, a minimum of is being accepted in most areas and through most lending institutions.

Some do take One of the down sides of an FHA loan is the mortgage insurance premium. Get an FHA rate quote here. If the single mom is eligible to get a VA loan through her own military service or as a widow or other relationship, it could be the best loan out there for her.

This loan is available to military veterans and their families with no down payment, and the government backs percent of the financing. Gundersen says that you may need at least a 5 percent down payment of your own money for a conventional loan. Borrowers will need a pretty good credit score and credit history, but some lenders are lowering their credit score minimum to attract more buyers. There are tons of programs that help single moms get approved to become a homeowner instead of a renter.

Get a free eligibility check and be on your way to giving the gift of homeownership to yourself and your kids. Don't miss important home loan updates. Sign up for our newsletter.

Your privacy is assured. Click here to check your homebuying eligibility now. Jan 13th, But, there is hope for single moms looking to get a home loan. All First Home mortgages also come with payment protection for unemployment. Click here to see if you are eligible to buy a home using a down payment assistance program.

Get an FHA rate quote here.