FHA Home Loans for Single Parents
The FHA official site (www.fha.gov) addresses this issue and says, yes help IS available, however it does not come from the FHA. Instead such assistance would be administered by a local agency, charity or service.
According to FHA.gov, “There is help available. Start by becoming familiar with the home buying process and pick a good real estate broker.” Sound advice for a single parent who may not have as much time to house hunt or do research on properties that would be suitable for his or her needs.
The FHA official site points out that while single parents won’t have the advantage of two incomes when it’s time to financially qualify for an FHA mortgage, getting pre-qualified for an FHA loan can help you know what your borrowing power might be so you can begin house hunting in the right range of prices--or have your real estate broker do the searching for you.
The FHA says help is available, but since the assistance for single parents who want to buy a home with an FHA loan does not come from the FHA/HUD directly, how can the FHA as an agency help a borrower who needs home buying assistance?
According to FHA.gov, “Contact one of the HUD-funded housing counseling agencies in your area to talk through other options for help that might be available to you. Research buying a HUD home, as they can be very good deals. Also, contact your local government to see if there are any local home buying programs that could help you. Look in the blue pages of your phone directory for your local office of housing and community development or, if you can’t find it, contact your mayor’s office or your county executive’s office.”
A state or local home buying assistance program may be able to help you get into a home loan or at least offer advice on resources, budgeting, and preparing for the loan. If you need a referral to a HUD-approved housing counselor near you, contact the FHA/HUD directly by calling 1-800 CALL FHA.
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