Being a single mother is not only a LOT to handle mentally and physically, but also financially. We put together a list of 9 different types of loans available to single mothers that they can start exploring and taking advantage of today. Depending on your specific situation, you may be eligible for only certain types of loans or in some cases, all types of loans. Choose carefully and pick the best loan for your situation and needs.
#1: Home Loans / FHA Home Loans
FHA Loans are managed and given out by the Federal Housing Administration. The government insures these loans themselves, ultimately making the cost to homeowners less than what it would be if they chose to go with private lenders. If you qualify, you typically only have to put down 3.5% of the homes value – much less than the 10-20% down payments typically required by private lenders.
An FHA home loan can put you on the path to a more secure financial future by allowing you to invest in real estate without having to lay out too much cash.