Being a single mom is no joke. You have to balance your time, money, and effort. You sacrifice your life goals just for you and your kid to survive.
One of those dreams is getting a house. But, it might seem impossible due to your circumstances. So you take a step back and focus on other essential matters first.
No worries.
Various single-parent home buying programs are available. It provides the best help you never thought exists. It includes guidance from finding inexpensive housing up to qualifying for a mortgage.
Start the search for your new home. One of the great choices for you and your baby is a condominium unit.
Don’t know how to begin your next big step?
Read this quick guide for single moms buying their first condo.
Call Local Housing Authority
Before anything else, know what you really want.
There are many homeownership programs available in your chosen location. It helps you narrow down your options, especially before national home buying.
Check the website of the local housing authority. Find out which program is suitable for your needs.
Contact A Housing Counselor
Every state has a Local Housing and Urban Development or HUD. Each office has counselors ready to serve.
Local housing counselors know resources helpful in buying a home. They are professionals trained to find the best options in your area.
Furthermore, HUD counselors answer queries about the entire home buying process. They assist condo buyers like you in obtaining a mortgage.
Housing counselors also elaborate on the different buying programs present in the area. They discuss even those lesser-known programs you probably have not heard yet.
They know anything you might need. Keep in mind the HUD consultant’s opinions and weigh your options before buying property in Philippines.
Consider a Condo Through HUD
HUD does not only guide condo buyers. They also sell properties.
Check out the units ready for occupancy. Visit the website and look for condos for sale near your state.
Be cautious in viewing the available properties. Some units might be in a less desirable neighborhood.
Do your homework by knowing more about the area you’re planning to live in and invest in the future.
Consider Habitat For Humanity House
Habitat for Humanity is an excellent choice for single moms looking for a new home. It is a well-known organization that offers support for single parents. Get the practical and financial help you never thought you need.
Become part of the listed potential owner by familiarizing yourself with the criteria. Humanity House does not give out support to anyone. Aspiring condo owners go through a selection process.
Consider the following detail:
- The applicant’s need for the home
- The applicant’s eagerness to partner with Habitat
- The applicant’s ability to pay off the interest-free loan
Once you see that you’re fit within these criteria and you’re interested, contact them immediately.
Be reminded, though, that single moms need to take part in the entire condo-buying process.
Some of the known developers in our country established a partnership with the organization, and that includes Amaia Kaya Ko Na! It’s one of Ayala Land’s subsidiaries, offering affordable condo in pasig in the country.
Don’t be scared. Habitat for Humanity provides training first. They’re there to guide you.
And hey! Isn’t it more satisfying knowing that your new home is an investment personally made for you?
Check Your Mortgage Credit
Reviewing Mortgage Credit is necessary for first-time condo buyers.
Mortgage Credit Certificates (MCC) allow you to meet income-eligibility requirements. It even qualifies you for a larger mortgage.
How? It offsets some of the cost of your target condominium unit. Your mortgage interest expense included.
Through MCC, you can reduce your tax liability. It permits you to withhold less tax from your monthly paycheck. Thus, giving you more funds for a mortgage payment.
Amazing, isn’t it? Look for mortgage credit offered by your local government.
Get A Home With IDA
Individual Development Account (IDA) is the most crucial part for single moms buying their first condo.
A community organization set it up as a matched savings account. It comes in handy for low-to-mid-income families.
No wonder it is beneficial for single parents too. You save more money for your home and education costs. You might be able to finance a small business, too.
Most of the time, IDA matches your savings dollar for dollar. Search the internet for organizations within your area.
Make sure to pay attention to every fine print. Some IDA might have restrictions on the amount you can save. Or sometimes the location of when and where you can buy a home.
Identify Your Demographic
There are various condo-buying programs designed to help every individual.
Although it is not directly for single moms, it is considerate of people with low to moderate incomes.
Some loans are in favor of college graduates, emergency workers, and union members. Others fit for rural residents and veterans.
But none of them give much importance to your race, gender, or marital status.
So, don’t fret. Pick a condo-buying program that fits your needs, budget, and situation.
Consider a Rural Housing Development Loan. It is a government-secured program in rural areas.
VA loans are for veterans buying a new unit. It comes without a down payment or minimum credit score.
Other housing help programs are for community service workers. They can live within the place where they work.
The programs depend on the population of your preferred area. Take time to research and see what is helpful for your condo buying journey.
Every day is a struggle to survive for you and your child’s needs. But, it should not be a hindrance in securing your new condo unit.
Remember, being a single parent has its perks too. The child support payments count as income towards your mortgage. So, it makes qualifying for your home loan application easier.
As a single mom, do not limit yourself to living your dreams. Achieve your lifetime goals by learning the different options. Choose from local state programs, HUD, Habitat For Humanity, IDA, up to mortgage credit.
Now that you discovered it make sure that you understand the details thoroughly. Then, apply for the best option suitable at your disposal.
Secure a sound roof for you and your little one. Keep in mind this quick guide beneficial for single moms buying their first condo.
