Are you a single parent who dreams of owning a home but nervous that you’ll encounter too many challenges? We’ve got good news for you!  There are home buying assistance programs that can help you purchase a home.

If you’re a single mom or dad who wants to buy a house, we’re here to list some loan programs that might work best for you.

Best Loan Programs for Single Moms and Dads

Single parenthood often means having a tighter budget, so a loan program with looser eligibility requirements is typically your best bet. 

Fortunately, various loan programs are designed for lower-income homebuyers –many of which offer low down-payment options.

Here are some of the best loans programs to help fund single parents’ home-buying journey:

FHA

Many homebuyers don't know they can take a second mortgage on their homes. The first loan, the primary mortgage, is taken while purchasing a property. A second mortgage is a type of mortgage that lets you borrow against the value of the same property while your first loan is not fully paid. 

Knowing how second mortgages work can be beneficial in the future, especially when you need quick cash for an emergency, school fees, debt, and more. In this article, we’re going to break down how second mortgages work and when you might consider getting one.

What is a Second Mortgage?

A second mortgage is a type of subordinate mortgage obtained while a primary mortgage is still in effect. In cases of default, the proceeds from the home’s liquidation

If you want to purchase a house for the first time but don’t have enough money for a down payment, getting a state or local down payment assistance program might be the best option.

We’re going to look at what down payment assistance programs are all about and how you could qualify for one.

What is Down Payment Assistance? 

Down payment assistance is any funding option or program that makes it easier for homebuyers to get the money they need for a down payment. Both public and government agencies offer these programs, usually as grants. They typically work by either providing the buyer the funds to cover the down payment or waiving the down payment requirements. 

Most of the time, you need to meet some specific income requirements to

Buying mortgage points is a way to secure a lower interest rate during the home buying process. It can save you several thousands of dollars in interest over the life of the loan and lower your monthly mortgage payment. Check out this nifty guide to learn how they’re calculated so you can assess if purchasing mortgage points makes sense for your situation.

Mortgage Points: What are they?

Mortgage points, also known as discount points, are fees you pay your lender to reduce your interest rate when you purchase homes or refinance. You’ll give your mortgage lender cash upfront to reduce your interest rate for the life of the loan. 

Should You Buy Discount Points?

If you have the budget for buying points, the decision often comes down to

Did you know that you could save thousands of dollars if you prepare your credit before applying for a mortgage? Your credit score is one of the most critical factors that determine your mortgage interest rate and which home loan program you qualify for.

This article will show you how you can get your credit in top shape for your upcoming mortgage.

1.) Learn where your credit scores stand.

First off, know that your credit score doesn’t have to be perfect to buy a home. Several loan programs allow buyers with credit scores in the low 500s to purchase a home. However, you should be aware that with low credit scores typically come paying higher interest rates.

Because of this, we recommend you begin by checking your credit scores so that

The mortgage underwriting process is essential to verify income and ultimately determine whether the loan is approved or not. In addition to examining your income, the underwriter will also dive into significant events such as recently graduating from school, switching careers, or starting a new business.  

Because the amount of money being loaned is substantial, the verification process can be tedious and requires plenty of documentation to get it done.

This overview will give you an idea of what to expect during the underwriting process to better prepare for it. Have specific questions about underwriting? Contact Steadfast Mortgage!  

What are the income requirements when applying for a loan?

When applying for a loan, the question is

Purchasing your first rental property is a big step in your real estate investor journey. Aside from choosing a potentially profitable property, you need to figure out how to finance your rental.

Before sharing how to apply for an investment loan, let’s look at how a primary home mortgage differs from a rental property mortgage.

The Difference Between a Mortgage for a Primary Home and a Rental

On the surface, a mortgage for a rental may look similar to a mortgage for a primary home since the application process is the same. However, there are different rules and guidelines lenders follow when you apply for a mortgage on a rental property.

Larger Down Payments

For a primary home, you can make as little as a 3% down payment in some

Buying a second home is a dream come true for many. Whether it’s a retirement home, a vacation home, or your first step toward real estate, investing in a second property is a notable achievement in your portfolio. Like a first-time home purchase, a second property requires a down payment, and many consider using their home equity as seed money for funding the investment.  

The short answer to whether you can use your home equity to buy another home is yes, you can. Let’s look at the whole process to see how this works.

Steps For Getting a Home Equity Loan To Buy Your Second Home

1.) Determine How Much You Need

Before using your equity to buy your second home, determine how much you need for the down payment and closing costs. Next,

Owning a home is still very much a part of the American dream. However, did you know that non-U.S. citizens can also enjoy this? While there are challenges to homeownership if you are not a citizen, know that lenders are open to extending credit to non-citizen homebuyers.

Let's look at how you can qualify for a home loan even when you are a foreigner residing in the U.S.

Residency Status

Permanent residents with green cards have a better chance of getting a loan since they represent less risk for lenders due to their immigration status, which indicates they are in the country for the long haul.

Nonpermanent residents may encounter more challenges getting approved since their ability to work in the U.S. is tied to their visa. However,

A home purchase is one of the biggest investments you can make so adding a layer of protection against property ownership issues makes sense. That’s where title insurance comes in. As a quick refresher, a “title” serves as proof that you are the owner with rights to the property. Read along to find out how title insurance works and why it is vital in a home purchase.

Why do you need title insurance on your new home?

Title insurance is meant to protect home buyers and lenders from any damages or losses due to a “bad title”. A title can become “bad” due to code violations, back taxes, liens, and conflicting wills. Another common situation where after the sale of a property, it turns out that the seller does not have any legal claim to it or the