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    donna36's Avatar
    donna36 Posts: 2, Reputation: 1
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    #1

    Dec 22, 2009, 09:19 PM
    How can a single mother get a home loan to buy a house
    I am a single parent and there is a house I want to buy but my credit is no good how can I get a low income home loan
    Clough's Avatar
    Clough Posts: 26,677, Reputation: 1649
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    #2

    Dec 22, 2009, 11:47 PM
    Hi, donna36!

    Have you already been to a lender to see if you can get a loan, please?

    Thanks!
    twinkiedooter's Avatar
    twinkiedooter Posts: 12,172, Reputation: 1054
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    #3

    Dec 28, 2009, 07:33 PM

    I don't want to be disrepectful but quite frankly if you have bad credit now how do you propose to pay for the home should you even get a loan for it?

    The banks and loan institutions these days are holding off giving anyone loans for just about anything you can think of unless the borrower has excellent credit and even then these people are getting turned down left and right.

    You'll just have to put your dream home on hold for awhile longer.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #4

    Dec 28, 2009, 07:51 PM

    Normally you don't,

    What you do

    1. find the reason for the low credit score and fix it
    a. if you have any past due bills, bring them up to date
    b. pay bills on time

    This allows your credit score to improve over time.

    Next set up a budge and get at lest a min of 10 percent for down payment and 20 percent is better.

    With all of the foreclosures lenders are requiring a much higher credit score to get a loan.

    Next and being a little rude, people don't need to be borrowing large sums of money for a home until they are in a place where they can properly afford it.

    Being a single mother has nothing to do with it,
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