Getting Approved for Single Parent Mortgages

As a single parent, it takes a lot of work to get to the point where you are ready to put down a payment and take out a home loan on a house. The extra stability that comes with owning your very own house, however, is worth it. Mortgages for single parents can be very difficult to qualify for if you don’t know how to go about it. Finding loans that are specific to your situation can be a huge help, and there are institutions that work to help those who are in difficult straits. Single parent mortgages are home loans that are specifically designed to work with those living on a single income. Since it is far more difficult to make payments when you have no backup income, this is a way for sole parents to get a home loan. The only thing you have to do is find a lender and get approval. Mortgages for single parents are designed by specific groups who specialize in financial aid for those who parent alone. Tips for Getting Approved for a MortgageFirst of all, you will need to take a close look at your financial situation. Most single parents need to take on extra jobs or find another way to bring in money in order to make payments. Every bit helps, and if you are given a cash gift from a friend or family member, you might want to put it toward the house as well. Saving up for the down payment will help you really get a good feel for how much the house is going to cost. If you put aside the same amount as the mortgage payment on a monthly basis in order to save up the down payment, you will be able to see if it is possible for your family to live on the amount that is leftover. Before you talk to the bank or mortgage company, have everything ready to prove that you are financially solvent. This means tax records, bank statements, etc. for at least the past year. If you have unexpectedly large deposits at any point, you will need to explain them. You should also be able to explain any problems on your credit history. It really helps to have good credit, so if yours is shot, be sure to build it back up before applying.If you are well organized and have proof of regular income that is more than enough to cover the monthly payments, you are in a good position. Though it might sound clichéd, you will also improve your chances of being approved for single parent mortgages by dressing nicely and professionally. Kids should stay home. Single parent mortgages allow even those who are divorced or otherwise raising kids on their own to realize their dream of owning a house. Like many things that these determined parents accomplish, it will require hard work and sheer willpower to get where you want to go. It might not be easy, but by applying specifically for mortgages for single parents, you’ll increase your chances of making your dream come true.