To all you financial WIZARDS out there, I have a question. After the shakeup in the mortgage industry,and while the dust is still settling, does any one know if there are still any programs that can help a single mom with two kids buy a house? My daughter is in the process of divorce, and is tired of renting,and wants to try to buy a house.Any advice will help her immensely. Anthony?Scott? Anyone?
Thanks in advance,
denbeck :rolleyes
Denbeck,
There are many programs available for first time homebuyers. The fact tht she is a single mom has no positive or negative affect on her ability to purchase. Depending on her credit she may still qualify for a 100% ltv loan or possibly an FHA loan with some down payment assistance. I would advise her to stay away from any type of sub-prime loan because the rates will higher and not allow her to qualify for as nice a home. Has she reviewed her credit? She may want to wait until she has a divorce decree in place because at that point she will be able to use her child support to help her qualify as well. Hope this helps.
There wouldn’t be any programs for “single moms” because it would not follow fair housing guidelines. You can’t approve or deny credit based on marital or familial status. She’d learn about what’s available to her by talking with a good lender.
Thanks. I discovered in a private e-mail from someone, that waiting until the divorce is final would be her best option. I appreciate the advice from all of you.
denbeck
Not to mention discrimination laws…
Regards,
Scott Miller
Federal fair housing laws are the “discrimination” ones unless local statutes allow others. In Austin, you also cannot discriminate based on occupational status. That one was for the students.
If your daughter has kept her financial house in order, she can qualify for a loan like anyone else. If you are implying that getting divorced with two young kids has created financial problems… well that is certainly not uncommon.