Financing Can Be A Single Women’s Best Friend.

If you read the newspapers or surf the internet you can’t help but notice the buzz surrounding the latest trend in real estate, Single Women! The reasons for this significant rise in single women buyers has many different components. This trend which is changing not only the face of home-ownership but the industry itself is making a significant shift. Industry professionals are scrambling to meet the demand for this growing segment from marketing strategies to the products they offer and that includes the mortgage industry!
Lenders have begun to create programs which offer assistance to single women. For example, divorced women are frequently given first time buyer status even if they owned a home in the marriage, making many low down payment or subsidized loans available to them. Child support payments can now be counted as income, bolstering many newly single parent’s ability to qualify for a mortgage.# Single women may also be allowed to use alte
ative forms of credit history, such as a phone bill if they have no credit history. Fannie Mae, Freddie Mac and FHA all offer assistance to single women, low to moderate income purchasers and minorities.
The department of Housing and Urban Development (HUD) has the Good Neighbor Next Door Loan Program. It offers substantial discounts to individuals in certain service oriented professions on eligible properties in areas targeted for revitalization efforts.
Emergency Medical Techniciansr
Fire Fightersr
Law Enforcement Officersr
School Teachers (pre-K through 12th grade)
Most veterans of the United States Military are eligible for federally guaranteed home loans. Surviving spouses are also able to benefit from VA loans. Eligible veterans may apply for low-interest rate home loans of up to $417,000 to purchase a home. Because down payments and mortgage insurance are not required, these loans are often significantly less expensive than conventional loans.
As you can see there is much to consider and there are many options available to assist single women in becoming homeowners. Consult your mortgage professional to discover the one that best fits your needs.