Single Mom Home Loans Florida
Single moms are one of the hardest-working groups in the United States. In Florida, many single moms overlook government programs and financial aid due to the income gap. Without availing help from friends or families and financial aid opportunities, most of them fail to afford modest homes. Fortunately, there are several ways for single moms in Florida to get a mortgage loan and purchase a home with less money, unlike other buyers. There are many home loan programs available to single moms, including low or no-down-payment mortgages, down-payment assistance programs as well as government-backed loans. If you are a struggling single mom in the state of Florida looking for ways to seek a home loan, then the following guide will help you to get started.
Can Single Moms In Florida Obtain Affordable Home Loans?
Yes, single moms can obtain affordable home loans. They can become a homeowner in Florida by investing some time and effort in locating assistance programs and mortgage loans that the federal and state government provides. Single moms who are first time home buyers usually face many hurdles, from saving money for a down payment to securing an affordable mortgage. Single moms need to know the different mortgage programs and down payment assistance programs that can help them to make homeownership more accessible and affordable. By offering home loans for single moms in their area and down payment assistance programs, they can easily save a lot of dollars and turn their dream into reality.
Different Single-Mom Home Loans In Florida
Are you facing trouble in securing a home loan? By availing of the programs mentioned below, low-income home buyers like single mothers can avail many benefits.
1. FHA, Federal Housing Administration Loans
The Federal Housing Administration Mortgage Insurance program is available throughout the United States, including Florida. Single mothers unable to obtain conventional loans because of poor income or credit scores can obtain FHA loans. These loans are backed by the federal government, which provides lower down payment and lower credit scores compared to conventional loans. Eligible single mothers have to pay an upfront premium which accounts for 1% of the loan amount while applying for an FHA loan. However, this loan will be rolled into their mortgage balance or paid out over time as an additional monthly payment. The Federal Housing Administration enables single mothers to fund up to 6% of their mortgage using a down payment assistance grant.
2. USDA Home Loans
These home loans are designed for rural-oriented mothers and their children. If you are a single mom in Florida and planning to move into the state’s rural regions, USDA Rural Development Home Loans will be the right fit. You can check the eligibility criteria for these loans on the official website of USDA. These loans provide 100% financing, meaning you need not make an initial down payment on your home. Instead, the home upfront costs will be folded into your monthly payments. USDA loans are an excellent option for single moms who can afford monthly loans but cannot save thousands of dollars to pay at once.
3. VA Home Loans
Single moms who are former or current members of any branch of the U.S. military are eligible to receive home loans insured by the Department of Veterans Affairs, known as VA loans. The prime benefit of these loans for single homes in Florida is that they do not require a down payment or higher credit or income requirements. These loans come with low-interest rates. Therefore, individual monthly payments on these loans will be comparatively cheaper than conventional mortgages.
4. HomeReady Mortgage Program
This program provides up to 3% of the total home purchase price in gift funds from friends or family members who will not get any interest payments on the money they offer you as help. This program provides down payment assistance grants to eligible low-income home buyers, including single mothers, that range between 3% to 9% of the home purchase price or up to $20,000.
5. Fannie Mae Home Ready Loan Program
Single mothers in Florida can obtain Fannie Mae Home Ready Loan Program, which provides a 3% down payment and closing cost assistance to struggling single mothers and low-income families if they qualify for an FHA loan. You can avail of this option only if Fannie Mae does not back your original mortgage and if you have never purchased a home before. This program also requires home buyers and single mothers to work full-time or for a minimum of three months before applying for this program. They must also meet eligibility criteria requiring a credit score of more than 700, a stable income, and a stable employment history.
6. Florida First-Time Home Buyer Loan Programs
Single mothers who are first time home buyers in Florida can access a wide range of resources that can enable them to become a homeowner. The Florida Housing Finance Corporation, also known as Florida Housing, provides down payment and closing cost assistance programs to single moms so that they can purchase their first home. Few loans are provided by Florida housing for first-time home buyers, such as the Florida First Program for a conventional loan and federally backed loan programs. Florida’s First Program is a 30-year fixed-rate conventional mortgage with low mortgage insurance costs.
7. Salute Our Soldiers Military Loan Program
This loan program is geared towards active duty and qualified veteran military members. Salute Our Soldier’s Military Loan Program provides 30-year fixed-rate mortgages on government-backed loans such as USDA and VR FHA. This loan program provides lower interest compared to other options. To be eligible for the program, you need to be a qualified veteran or active military member and meet the credit, purchase price, and income requirements stated by the program.
Conclusion
Purchasing a home as a single mother is not easy; however, there are many ways through which single mothers in Florida can make the process easier and more convenient. There are a lot of housing assistance programs, affordable loans, and down payment assistance programs designed in Florida that enable single moms to achieve their dream of homeownership.
