Single mom Qualifying for FHA loan

There are several considerations when a single parent comes to us to discuss purchasing a home and their financing options.
FHA is a great mortgage program for many single parents because of it’s flexibility. There are some qualifying details that are specific to Single Parents that you should consider:

• Child Support and Alimony must be documented for the past 12 months.  We will need to see cancelled checks, documented deposits in your account, or court records from the State showing that you’ve received at least 12 months of support in order to count it as a “stable” income source.
• It must be continuing for at least 36 more months after closing.  So if support will continue until your child is 18, and the child is 16 – we can not count that income.
• You can get a gift for the down payment
• You need to have a credit score of 640
• You can put a parent, or other family member on the loan to help you qualify
• We can not count rent you might receive from a roommate

If you were obligated on a mortgage with your ex-spouse, and you were NOT removed from the mortgage, we will count that payment against you. Often times, an attorney will advise you to quick claim deed the property to your ex-spouse.  This only takes you off of the DEED, if you were on the NOTE – you are still obligated for the mortgage.  Your spouse would have to refinance and take you OFF of the note, or sell the property,  to truly take that obligation off of you.
Court Recorded Seperation Agreements, stating that the other person is responsible for the debt, does NOT take the liability off of you.
If there’s a CAR payment, or another type of debt that you are still on the note for… and you can provide 12 months of cancelled checks showing where the other person is making the payments… we can SOMETIMES get that payment waived (in other words we might not have to count it as a debt when we are qualifying you).

Contact me today to see if you can qualify!  mwilkins@capitalfmc.com

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