How Can A Single Parent Get A FHA Loan?
How can a single parent get a FHA loan? Can I be denied for an FHA loan because I am single? Can a single parent qualify for down payment assistance?
A single parent can get a FHA loan the same way that anyone can get the loan. You must meet the income and credit guidelines. If you can meet both of these qualifications you are able to get a FHA loan, regardless of your marital status. The FHA requires that you have a credit score of at least 620 and be on your current job for at least two years. You must show that you are continually making the same pay rate during these two years or that your pay has increased. You may not have filled bankruptcy in the lat three years. Some lenders may have additional qualifications, but they will not be based on your parental status.
Can I be denied for a FHA loan because I am single?
You can not be denied for a FHA loan because of your marital status. Marital status is a protected right and is covered under anti-discrimination laws. The FHA loan program is required, by federal law, to follow these anti discrimination guidelines. There is no legal recourse to denying anyone a mortgage based on their marital status.
Can a single parent qualify for down payment assistance?
Anyone who meets the credit and location requirements set forth by the assistance programs can qualify for the assistance. There are no regulations stating that you must be married to get these benefits. Discrimination is against the law, and marital status is protected under that law. The two main requirements for down payment assistance is generally credit worthiness and possibly location. Some local municipalities will only offer assistance if the property is located in an area that has a high vacancy rate.
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