Buying a home is hard enough for couples but it is extremely hard for single mothers. A single mother would have to depend on her sole income in order to qualify for a home loan. Of course, a single mother or anyone for that matter can get a co-signer but not many people are willing to do that on a home loan. It would hurt their own chances of getting a home loan for themselves.

Luckily, there are some loan programs available today that can help single mothers and anyone that might have issues qualifying for a normal conventional mortgage. Home loans for single mothers can be as simple as applying for an FHA mortgage loan. FHA is a federally insured home loan program geared to help people with lower incomes and lower credit scores get a home of their own.

FHA mortgage loans only ask for a 3.5% down payment. This program also allows the seller/builder to pay your closing costs for you. With an FHA loan your credit does not have to be perfect, in fact, you can have a low score and still qualify as long as you can offer explanations of why you were late. These could include divorce, waiting for child support, or loss of work. Your mortgage professional can help guide you with this if the bank asks for it.

FHA mortgage loans also have a more relaxed debt to income ratio. This allows consumers that are carrying a car payment and/or credit cards the opportunity to buy a home. Some of the conventional mortgage products ask for 10-20 percent down, credit scores of 680 or more, and a low debt to income ratio. These restrictive qualifying requirements often put single moms out of the running for a home of their own.

Another way single mom’s can purchase a home is through the Fannie Mae Homepath program. Fannie Mae offers their foreclosures for sale through local realtors and have relaxed qualifying terms in hopes that they can reduce their inventory of homes. Homepath mortgages ask for 3 percent down and it can be borrowed. There is no appraisal fee or PMI insurance either. At certain times, when inventory is high, they offer to pay part of all of your closing costs. The only drawback is that they are foreclosures and can have damage or need some work. They also offer a Homepath renovation loan where you can borrow up to 20% over the amount of the sale and get the money at the closing. You then can use this money for repairs and upgrades. Your mortgage amount would reflect the extra 20%.