18% is the share of single female buyers who apply for a home loan (mortgage). This data is the National Association of Realtors (NAR) Profile of Home Buyers and Sellers 2018 Survey. Single females take the second place of bying home for a loan after married couples. Single male buyers count 9%.
The average purchase price for single moms is the lowest - $189,000. The average purchase price for single male homebuyers is $215,000. As a result, many single or divorced women cannot afford buying a home using a mortgage.
Some of women doesn't qualify for a home loan, but they issue cash loans Miami to cover some expenses concerning utility bills or renting costs. They use this service due to accelerated procedure of online application and approval. All the procedure starting from submitting an application and its processing takes 24 business hours.
Best home loans for single moms
VA loan is available for a military women or a widow of a military man. VA loan could be the best loan program out there for a single women.
This loan is accessible to military veterans and their families with no down payment requirement. The Department of Veterans Affairs provides 100% of the financing back. There is also no private mortgage insurance.
Federal Housing Administration (FHA) loans usually offer lower interest rates only 3.5% down. One more benefit is that your credit score should not be perfect. A minimum score depends on the lender. 600 scores are accepted in most areas, while some approve a home loan with a 580 score.
USDA is United States Department of Agriculture. It offers a variety of loans. It helps people with low to moderate income buy homes in rural areas. Many of the rural properties are located in areas surrounding metropolitan cities. USDA loans offer very low interest rates. There is no down payment. You are eligible for 100% financing. The premium mortgage insurance is lower than that of FHA loans.
Conventional loan offers at least a 5% down payment of your own money. But conventional mortgage options like HomeReady only require 3% and even allow you to use renter income to help you get approved.